I'm refinancing this terrible loan and the bank person grimaced when they saw this.
this post was submitted on 03 Apr 2025
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Loans with interest rates above inflation are weapons. They are violence. Why should we all have to pay more than something is worth for our education, our transportation, our housing? Why are we paying directly for these things at all?
Government should be providing all this for its people. Higher education should be provided. Starter housing should be provided. Public transportation should be provided.
You pay for the ability to access capital you do not currently have. Nobody owes you thousands of dollars with which to but a car. If you want to buy a car with money you don't have, then you have to give the bank something in return. That something almost always is "more money than we initially lent you, over the course of the loan period" and if you shut that down, banks just won't give loans anymore. Suddenly poor and middle class people have lost their biggest tool for accessing capital.
Lack of public transport is a separate problem. The US has dropped the ball across the board there. Only a handful of cities have any reasonable public transport and even those systems are old and often shitty.
Education being so expensive that it needs to be financed, is a separate problem. Education is too important to leave to the free market, letting our system metastacize to this extent is the result of decades of compounding failures.
16.9% interest is predatory, but "interest above inflation" is necessary if you want banks to do anything besides hoard money.
Well I'm hoping to live in a world where banks don't provide loans anymore. I'm demanding a better world than this nightmare that is unregulated capitalism in the US.
I'm demanding a better world than any economic system that incentivizes and rewards screwing each other over and hurting one another in a race to get ahead.
Providing loans is a major part of a bank's job though? Like yes it's wrong that we need loans for necessities like transportation, education, healthcare etc, but even if all those were unnecessary banks would still need to provide loans so that people can start businesses or build houses.