<!-- bryant-content-generator:start --> # High-cost short-term credit keeps people near... > High-cost short-term credit keeps people near subsistence rather than lifting them out of it. Pawn loans, payday advances, and carried credit card balances can be useful in a true emergency, but relying on them month after month transfers a steady share of income to interest and fees, and building even a small cash reserve is one of the most practical ways to escape the cycle. **Source:** [[livestreams/Beyond Hand-to-Mouth Exchange — Trust, Reciprocity, and Long-Horizon Value - Workbook|Beyond Hand-to-Mouth Exchange — Trust, Reciprocity, and Long-Horizon Value]] ## Share on Social Media ``` “High-cost short-term credit keeps people near subsistence rather than lifting them out of it. Pawn loans, payday advances, and carried credit card balances can be useful in a true emergency, but relying on them month after month transfers a steady share of income to interest and fees, and building even a small cash reserve is one of the most practical ways to escape the cycle.” — Bryant McGill https://bryantmcgill.com/quotes/quotes-high-cost-short-ways-escape-cycle ``` <!-- bryant-content-generator:end -->