The economy of the whole world is revolving around credit, no matter what kind of business one is engaged in, it is almost impossible to do with out credit. For some reason, we tend to forget that all those financial institutions out there have only one reason to exist --- profits. All the so called great deals that they offer are meant to borrow our money and use it to multiple their profits.
There are numerous examples around us like the foreclosures, which serve as good lessons for those who are rational. However, most importantly, this terrible economic depression is also a blessing of credit. It would be unfair to say that credit itself is bad for society, there are alot of aspects of credit which serve as a very good help for the people availing it. Yet, it is a very detrimental tool through which people are trapped into those perpetual payment plans.
I think this is yet another curse of Capitalism that when people are given absolute autonomy to run their businesses the way they please, they end up ruining the economies by pursuing their greedy desires blindly. Therefore, it is always worth it to go through the whole 200 pages contract before entering into a loan agreement with any of the profit oriented financial institutions.
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