‘The Structural Injustice of Private Debt’

“Debt-financing is increasingly common. It used to be the case that people would occasionally need loans during the course of their lives, perhaps to buy a car or a house. These were exceptional cases, outside the normal conditions of life. In most instances, people would rely on savings to cover their consumer costs, or go without. This has now all changed. There is more complexity in the markets for private debt. People use loans to cover holidays, education, healthcare and other unforeseen costs. They have high interest credit cards and payday loans to help them get to the end of the month …” (more)

[John Danaher, Philosophical Disquisitions, 24 December]

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