Just look at the average credit card debt, etc. The average person has terrible credit because they do not pay their bills, they are not reliable or trustworthy financially, not because they are bad people, but because they are incapable of managing risk appropriately. Of course, there are legit reasons to have bad credit (medical bills etc) but most americans are not that.
If most people you know are financially literate, I think you may be in a bubble. I was too, until I had my first few bad jobs.
> Minimum wage solves a collective action problem. You don’t have to be financially illiterate to have been fucked over by a collective action problem.
Also true and kinda obviates the need for this discussion at all. This crap should not be legal, full stop.