This isn't on morgages but on credit cards but what you said applies the same. If for some reason you run your balance up at say 15% and can't make the payment then what is the logic behind punishing that person by RAISING the interst rate? If ya can't pay it at 15% you sure can't pay it at 20%.
All that does is force the card user to file bankruptcy on it which means the loan company gets nothing. I would much rather recoup the principle and lower interest than lose it all.
I did however only graduate High School so my economic lessons are limited as conpared to those college graduates who decide it is better to get nothing than something.. Not knocking college grads here I know most all still have common sense after they graduate but then there are those.......
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Today's Featured Article - The Perfect Restoration - by Chris Pratt. Often, in quiet moments, I have wandered back in my thouhts to the many tractors I have seen over the years and wondered which one inspired me the most. Sure, we have a fond attachment to one brand and model or another, sometimes it was remembering that first time we got to climb up in the drivers seat and command that roaring beast, or maybe because when you see that special model, you can't help but see Dad on it, he's gone, but everytime you see a tractor like his, it's a like part of him i
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