Question

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?

Answer 1

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

Answer 2

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.