But not for all people, except that if there is a preponderance of bad debtors everybody loses. But if the bad debt situation can be kept to a minimum by strict monitoring, then it is a useful tool. Just like credit cards are a useful transactional tool if the holder has the wherewithal to clear the balance each month. When however people are lured into spending more than they can pay for, we all bear part of the loss in some way.
