00:00The other piece is how fees compound over time.
00:03So that's one of the things that will get you in a trap.
00:05When you think about something like a credit card,
00:07where only a very, very small percentage of people who use credit card
00:10actually pay them on time,
00:11what they're really paying is a combination of fees,
00:14like late fees and annual fees that are accrued every single month
00:18and additionally being applied interest.
00:21That also leads to a negative action on a credit report.
00:25So all of a sudden, you had that flat tire as a single mom,
00:28whether you're able to get to work,
00:32and one month or two months starts to significantly impact your credit
00:36over and over again.
00:37And that's the example of a debt trap.
00:40Yeah, so when you think about predatory lending,
00:42it's the things that tend to thrive and live in the communities
00:45that we tend to thrive and live in.
00:48It's the payday lender.
00:49It's the check cashing institution.
00:51It's the title loan.
00:53When you need access to capital to pay for your car that broke down,
00:57you're actually going and you're actually putting up the title
01:00for your vehicle in order to get access to capital.
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