3 ms·
Consumer loans with compounding interest should be illegal. The human brain is incapable of conceptualizing it and it results in inescapable debt once a person
by momokoko 7y ago
Consumer loans with compounding interest should be illegal. The human brain is incapable of conceptualizing it and it results in inescapable debt once a person starts to fall behind on payments.
- tracker1 7y agoI wouldn't say all consumer loans, but probably student loans... given that they are prevented from bankruptcy dismissal.
- Falkon1313 7y agoAlso they specifically target people who've never had to deal with such things in practice, and lock them into a multi-year commitment (another thing they've never had to deal with) that they can never get out of while all of society tells them that if they don't do it they'll be a failure. Even if you understand the abstract math as a teen, it's a bit much to expect someone to make an informed choice about the reality of resolving it over years which they have no experience with, and in a job market that they have no experience with. It's a high-pressure predatory system with long-lasting consequences that targets the vulnerable.
- madengr 7y agoMaybe only for those who are bad at math.
- leetcrew 7y ago> The human brain is incapable of conceptualizing it speak for yourself. I understand geometric growth quite well.
- bdcravens 7y agoI don't think the human brain is incapable. We just don't teach it. Perhaps it should be a required course to obtain such a loan?