A person whose opinion I respect very much says "...you sure do let it all hang out. I would never talk, about my child's money matters so openly..."
I think he is right. I was over the top and the post revealed too much of our son's personal affairs. So, I am severely editing what I originally wrote; leaving the nuts and bolts of it.
There is a segment of the financial industry in this country that preys on poor people who find themselves in dire straights. Our son ended up with a loan from one such company, which he managed to pay off.
We all did the happy dance.
I guess in this case a picture is worth 1000 words
Yearly interest rate: 117.20%. Think about it.
From my perspective, this is legalized loansharking. I hear the advertisement for the company that he got this loan from on the radio on the mornings that I drive to town. And I wonder how many poor people who don’t have resources end up being caught in a similar trap.