As economies across the world have come crashing down due to the coronavirus, Indian consumers are suffering from suppressed wages, mass lay-offs, and reduced economic activity. Yet, while the entire country’s economy has been turned upside down, one sector of the market has silently exploded: Instant loan suppliers, lending money to Indian workers who desperately need the funds to pay off critical bills. These lenders, however, charge gigantic interest rates which enable them to profit off of the backs of economically insecure workers.
To say that my AP Economics teacher had a credit card dedicated to burritos when he was in college is slightly misleading. While it’s true that he solely bought burritos on that credit card, the object of his purchase was arbitrary. Whether he bought burritos or tacos, either way my AP Economics teacher would have learned good borrowing practices and bolstered his credit score through the process of borrowing money and paying it back.