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 - History of the Nuffield Tractor - by Anthony West. The Nuffield tractor story started in early 1945. The British government still reeling from the effects of the war on the economy, approached the Nuffield organization to see if they would design and build an "ALL NEW" British built wheeled tractor, suitable for both British and world farming.
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