We covered this debt trapping of consumers in yesterday's session on #KillerLoanApps with @logic.
Even with a modest ~36% p.a. rate of interest, stressed/defaulting consumers can get stuck in an ever-increasing chain of lending apps. https://twitter.com/anivar/status/1348531630424555520
The social network of the future: No ads, no corporate surveillance, ethical design, and decentralization! Own your data with Mastodon!