David Bach

In fact, I may come out to Australia, you guys, because I want to ski in Australia and New Zealand.

So we ought to stay in touch because I've got to come out to you guys during your ski season.

You can come and meet me in Queenstown.

Do you want to tell me what your friend's name is?

We'll just call her Kim.

Yeah.

How about that?

Kim, first of all, my heart goes out to you.

And you're not alone.

And this is a problem in the United States, too.

And the United States started with what's called payday loan locations.

Then this industry basically went to online.

So what I would do if I were coming over to your house right now is I'd take out a yellow pad of paper and I'd pull all the debt you have and I'd line it all up.

And I'd write down how much do you owe, what company you owe it to, what's the interest rate.

And tragically, what she's probably going to find out, Sonia, is that her interest rate's insanely high.

Like, I don't know, this interest rate's not 10% or 20% or 25%.

This interest rate, when it rolls over, I don't know what it's like in Australia, but in the U.S.

when it rolls over, it's anywhere from 250% to 500% annually.

So that debt is not meant to be rolled over over and over and over again.

And it's beyond loan sharking, right?