I'm not say a majority, but I'm aware of the stresses of dealing with debt that can mount under minimum means when I lost my job in engineering in the mid-90s. One thing I did was just throw the regular letters into a drawer and ignored them. It is a mental fear of a situation that is not really the consumer's fault; in such a circumstance. It's great to take a loan when things are going well, but when they are not, there doesn't seem to be a way out when the finances are not there; and the lender is pretty much unsympathetic under such circumstances.

I agree the free market is pretty much a misnomer, but how much regulation do we want? Besides which, these companies and institutions will always find a way to circumnavigate the regulation, or find new ways to exploit the market; hence the reason why we have these pay-day lenders.