LOUIS BURKE | Culture | CONTACT
Never leaving us without a paddle, the federal government stepped in today and advised minimum wage workers to check out payday loan options.
After confirming that they would certainly not spoil the days of their donors and bosses by pledging to raise the minimum wage, the coalition government is doing its part for the fighters by encouraging them to take out a small, quick loan.
“You can get $8,000 very easily,” said treasurer Josh Frydenburg, which could also hit some financial institutions in a few weeks.
“And if the debt follows you forever, you can just pay it off with your super one day. Everybody wins.
A controversial financial initiative, payday loans are small loans designed to help those who live off paychecks stay stuck in debt for the rest of their lives.
Payday loans are often issued without background checks and are intentionally designed to trap borrowers in a cycle of constant debt due to misleading interest rates in a practice known as predatory lending.
With the high level of risk, low level of ethics and lack of effort involved, no one will be surprised that the coalition government is touting payday loans as a way to improve the lives of those earning the minimum wage. .
“That’s where we introduce the tip. It’s your call.”