Abstract
In Mexico microcredit has deviated from its original purpose of fighting poverty to oppress those whom it was supposed to help through high interest rates and over-indebtedness. There 42% of the population is poor, fighting poverty is paramount. Three decades ago, microcredit (which is different from microfinance), took root as a new, promising tool to help millions of people, who have historically been excluded from the traditional financial system, emerge from the grip of poverty. From the outset, microcredit usurped the place of microfinance in the fight against poverty, as it set aside the most effective financial tool: savings.
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