In the Facebook thread on my payday loans post yesterday, there was some discussion—typical in these circumstances—that the poor are poor, and dragged down by the burdens of debt, because of the poor choices they make. And in some cases, I'm sure that's true. But honestly: It appears that the low-income folks of America might be the only ones not taking on far more debt than they can possibly afford.
Thursday, November 3, 2011
The poor are making poor choices. Right?
I want to read more deeply into this new paper about how debt is swamping the middle class—which makes the suggestion that the leverage problem is holding back America's economy. But in a quick overview, I couldn't help but notice this: