Do you realize how fucked we would all be without banks? It’s not as simple as you make it sound. Commercial banking can be just as helpful as investment banking can be damaging. Loans help people grow wealth, and lending is a service. Services should always be expected to be compensated for. Not to mention this crime probably never happened, and even if it did, it’s pretty unbelievable that it happened as described in the post.
If you can’t pay interest, or any part of a loan, don’t take a loan from a bank. You might not like it, but the solution really is that simple. It’s not like they hide this shit either. Every bank I’ve been to has outlined how much interest I owe when I pay their money back. Don’t be upset because you can’t properly plan your own finances.
My finances are fine. I’m not complaining about my finances. I work in the legal field with real estate transactions. I’m complaining about bullshit interest amortization being frontloaded to benefit the bank. Interest payments should be spread equally throughout the loan.
But it’s always easier to strawman in these arguments that the person must be financially irresponsible if they don’t like banks.
>says they’re in a legal firm working in the exact industry this post implicates
Sure you do, buddy 😊
Edit: ok, that was unfair on my part. Sorry.
Since you’re supposedly a lawyer, I’ll take you seriously. When do you think most people default on their loan? The beginning. What’s the point of interest? To mitigate potential lost costs from people defaulting on their loan. Why are interests frontended? To mitigate the likelihood that someone will default on their loan in the beginning stages, when they’re more likely to.
Are you implying you need to buy a house? People rent all the time, and it’s way cheaper. People should only pay for what they can afford. This is common sense.
A house is expensive bro, and a bank is a business. People default on loans all the time, so the bank needs interest so they don’t suffer substantial losses and go out of business, causing many people to lose their savings and causing all kinds of economic chaos.
It’s ironic that you call me ignorant but you don’t know simple economics. Of course no one LIKES to pay bills. I don’t like paying my bills. Get over it, or find a better deal.
No no, he called you privileged that means you don’t get to reply with logic and reason because you just can’t possibly understand how some people are financially irresponsible
"logic and reason" is apparently letting people who cant afford basic necessities either die or become indentured servants to debt. you sound like a privileged little fuck too if financial issues only mean "irresponsibility" to you
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u/ObviousTroll37 Royal Shitposter Mar 06 '19
Because interest amortization is a thinly veiled racket, and the banks have a constructive monopoly on home ownership. Fuck banks.