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6 votes
What are some possible explanations for why long term with high monthly payment loans are popular despite the fact that they create a cycle of debt for many borrowers?

User Jim McGaw
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2 Answers

12 votes
12 votes

Answer:

beacuse they need the money then like to buy a house they would need to take a loan they don't have all the money currently but they take a loan and have to pay them back monthly debt

User Mbilyanov
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22 votes
22 votes

The person being granted the loan will be able to purchase high ticket items and use these high ticket item to show them to friends or families to fulfill a false truth of financial stability. This could also be done for car loans and mortgages to buy a nice car or house which will fulfill false fantasies of stability.

User Nahida
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