Your belief about the state of knowledge of borrowers is wrong. I teach mathematics at a community college and it is clear that a knowledge of percents and the

Your belief about the state of knowledge of borrowers is wrong. I teach mathematics at a community college and it is clear that a knowledge of percents and the impact of compounding is lacking in a large portion of the population. In my state a state senator once claimed that since funding to the college system was increased 5% after a 5% decrease this meant that the college system’s funding had been fully restored. Do you understand why this indicates that the state senator doens’t understand percents? Do you see the error? Most people don’t. There are lots of cases where borrowers do not understand all the terms of the loan. Have you read and understood every single loan document you’ve signed? I doubt it. Your belief that only the borrower actively seeks loans is can easily be dispelled by watching TV and seeing ads for loans. It’s hard to understand how you can write Borrowing money is the sole responsibility of the borrower... And the write The lender’s only role in the deal is to double-check the borrower’s assumptions to ensure the borrower is actually capable of keeping his word and pay back the money he is borrowing.