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 Posted: Wed Aug 13, 2008 8:42 pm Subject: zero interest |
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Is there any Grace and Mercy remaining in this world?
I'm 47 years old, and I've paid my debts year after year, and right now I 'm looking for Grace and Mercy!
My current mortgage company is starting forecloser on my home, and I'm just sickened by their lack of Grace and Mercy!
Is there anyone, or any body that is willing to give me some Grace and Mercy?
In my life, I have paid more interest, and penalties than I really want to talk about, and I'm just sick of the money hungry financial institutions of this crazy world!
Is there anyone that can loan me $108, 000 for 9 years at zero interest?
This would allow me the chance to pay off my current debts and pay $1,000 per month for the next 9 years.
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timdavis61
Joined: 13 Aug 2008
Posts: 1
Debtcc Points: 12
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| Posted: Fri Aug 15, 2008 4:55 pm Subject: |
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I'm sorry to hear of your situation. It is a shame that finance companies are such sticklers. But in business, it's all about their bottom line and making a return for the investors.
Realistically, nobody is every going to loan out money at 0%. What would be their incentive to loan it out if they couldn't make some sort of return off it? That's why they call it "interest" ... because the money they can charge keeps them "interested" in loaning out their money. If someone has $108K and had a choice of loaning it out for free, or even just putting it in a savings account and earning 1%, they would want to put it where it will get bigger over time.
Risk also plays a big role. Because a lender wants to make sure they will get it back eventually. Lending to consumers is very risky, because people fall on hard times or just flat out refuse to repay things. In that sense, at 0%, $108K would be safer under my mattress than in someone elses hands.
So those two factors, risk and return, are two reasons why you'll never see large loans like that at 0%. Sorry to say.
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DebtCruncher
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