This past week we learned about how debt can destroy people. The first area we visited was the rent to own and the tote the note. We discovered that if you use a rent to own you end up paying between 200-500 percent interest depending on the amount of the item. Tote the notes are very dangerous because if you do not pay back the money on time then they take your car from you. Neither of these ways are safe way to borrow money.
We also learned that when you day a pay day in advance that you fall into a cycle of debt. If you take a early payday you have to pay it back when you get your paycheck and then you will take it out again because you had to pay back that money and it just keeps pilling on month after month.
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