> they really do make stupid decisions and cannot figure out things correctly
Is this not the doom loop? People are poor because they don't know how to manage their money, and that keeps them poor.
If it were common knowledge that payday loans were a scam / terrible financial decision then there wouldn't be a dozen in every poor neighborhood. Somewhat related is the newfound ability to finance absolutely everything, including your $20 doordash order. It's never been easier for someone to rocket deep into debt because of their lack of financial literacy.
And of course vendors make these terrible decisions look very attractive. In a nation where diabetes and high blood pressure is rampant because fast food ads look so good, it's no wonder that this same nation struggles with financial literacy, because advertisers make these deicions look very good.
Of course poor folks know how bad payday lenders are. They're poor, not stupid. They use them because they live on razor-thin margins and life happens.
Poor folks generally manage their money down to the dollar. They have to, or they'll be out on the street.
All of the things you mentioned are middle-class problems and have nothing to do with the horrific grind that is being poor.
Yes they are poor because they make bad decisions. If you are unable to avoid repeatedly making bad purchasing decision, you are poor not just because of unfortunate circumstance but because you are unable to not be poor because of personal limitation (sometimes I may be stupidity, sometimes addictions or other bad behaviors).
My father manages employees that constantly have garnishment on their salaries because of some unpaid debt. Yet they make decent wage and could afford an OK life if they didn't blow most of it on stupid stuff.
So what I mean is that you cannot put all the blame on the "system" and the marketers selling appetising food or whatnot. Those people keep making those choices themselves and outside out of taking their liberty there is not much you can do about it.
I actually think the current system affords them a better life than they could otherwise.
Is this not the doom loop? People are poor because they don't know how to manage their money, and that keeps them poor.
If it were common knowledge that payday loans were a scam / terrible financial decision then there wouldn't be a dozen in every poor neighborhood. Somewhat related is the newfound ability to finance absolutely everything, including your $20 doordash order. It's never been easier for someone to rocket deep into debt because of their lack of financial literacy.
And of course vendors make these terrible decisions look very attractive. In a nation where diabetes and high blood pressure is rampant because fast food ads look so good, it's no wonder that this same nation struggles with financial literacy, because advertisers make these deicions look very good.