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<blockquote data-quote="Flipx99" data-source="post: 4302418" data-attributes="member: 562352"><p>I guess this should be explained more clearly, as many people forget this.</p><p></p><p>When a bank loans money, there is a reason why we pay interest beyond opportunity and federal funds rate. It is called risk. The interest pays the bank for assuming this risk. If you are a more risky borrower, you pay a higher interest rate.</p><p></p><p>If you don't pay...the bank loses money. When they take a risk, sometime they chose poorly.</p><p></p><p>For some reasons, many people think that it should be their first priority to paying off this debt or that owing money is somehow meaningful or something. It amazes me. You think Donald Trump worries about paying off loans? Not really as he has declared bankruptcy numerous times from RISKY ventures that didn't pan out.</p><p></p><p>You don't have to pay. I'd consider it the banks loss for assuming the risk.</p></blockquote><p></p>
[QUOTE="Flipx99, post: 4302418, member: 562352"] I guess this should be explained more clearly, as many people forget this. When a bank loans money, there is a reason why we pay interest beyond opportunity and federal funds rate. It is called risk. The interest pays the bank for assuming this risk. If you are a more risky borrower, you pay a higher interest rate. If you don't pay...the bank loses money. When they take a risk, sometime they chose poorly. For some reasons, many people think that it should be their first priority to paying off this debt or that owing money is somehow meaningful or something. It amazes me. You think Donald Trump worries about paying off loans? Not really as he has declared bankruptcy numerous times from RISKY ventures that didn't pan out. You don't have to pay. I'd consider it the banks loss for assuming the risk. [/QUOTE]
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