Micro-Credit
Micro-Credit
The revolutionary idea of micro-credit was sweeping through the population, these organisations were said to be saving the poor through entrepreneurial loans, yet were expecting extortionist rates of interest in return. People needed to make a ludicrous amount of profit to be able to live with these loans - an imopossible task. They were driven to take further loans to try and ease the problem and thus led to a vicious cycle. It had left some of these people drowning in debt, plunging them further into poverty.