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Interest leaves people impoverished and destroys families. But I'm sure you can see that from your mountain of moral superiority.
by emsy 12y ago
Interest leaves people impoverished and destroys families. But I'm sure you can see that from your mountain of moral superiority.
- fennecfoxen 12y agoUsurious interest can leave people impoverished and destroys families, sure. But we're talking about mortgages, here, and in the general case interest leaves the price of homeownership about the same price as renting, provides additional stability and helps build families. The real thing that leaves families impoverished and destroys them is when they have borrow half a million for a house to live in, only to find out that's only really worth about a quarter million a few years later during the economic crash, thus precluding them from actually selling it and moving somewhere that has an economy where they can work. That's principal, not interest.
- gnoway 12y agoI think the difference is that you get to choose whether to enter into the loan agreement, you're provided all the terms up front, and you have access to legal counseling prior to accepting the agreement. If you have to make a mental association between your mortgage and institutionalized human suffering, maybe indentured servitude would be a better (but still ridiculous) fit.
- kyllo 12y agoThen it's a good thing 30 year mortgage interest APRs are lower than average YoY returns for mutual funds, so you can make more money investing your cash than you can save by paying off your mortgage.