imposing a higher interest rate on them on top of that is just the final nail in the coffin.
That’s the only way to justify loaning to people like that at all, given how much more often they default (and the lender never gets repaid at all). If lenders were forced to give the same interest rate to everyone, that would cause them not to lend to “A person with a low income with a precarious job” at all.
Only people who are bad credit risks ever come up with this take, lmao.
The sole function of credit scores is to benefit people who are reliably ‘good for it’ when they borrow money. Without them, everyone is treated as just as high a risk as the worst borrowers who are least likely to pay back their debts, and you gain no benefit from reliably paying back your debts. But with them, your good borrowing is kept track of, and good reputation means lenders trust you more to pay your debts back, so they’re willing to lend more, and they are willing to charge less interest.
Removing credit scores changes nothing for bad borrowers, and hurts good borrowers.
You need to stop going out of your way to doomscroll on social media, then. It’s ultimately entirely in your power to not be exposed to them.
I’m being serious. It’s not good for you–social media makes it extremely easy to be exposed to negativity 24/7 if you’re looking for it, since you’re 1 person in a world of over 8 billion. You don’t have to get even close to 1% of the people being assholes, for this to be not only possible, but trivially easy.
The human psyche is literally not designed to withstand the kind of barrage technology has made possible. Please do not feel guilty about giving yourself a break at times, to say the very least.