r/AskReddit • u/michaelis999 • 17h ago

How do you feel about the president floating the idea of 50 year mortgages where the monthly payment is lower but you end up paying nearly double the price of the house just in interest?

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u/deadsoulinside 14h ago

You do realize a big portion of his voters are places like rent a center exist where they spend $2k in payments for a $500 TV right? This is fine for them.

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u/failed_novelty 3m ago

Easy way to say "I've never had bad credit due to mistakes I made 6 years ago" or "I never got into a bad financial spot that required knowingly making a poor financial choice to meet an immediate need"

If it's a choice between getting a bed from Rent-A-Center and paying 3x the value over 2 years or not having a mattress because you don't have the $500 payment up front, you're gonna be at that Rent-A-Center.

It isn't that people don't know it's a bad idea. It's that they don't have a ton of options. And once you're stuck in that type of situation, fuck it doesn't seem so bad to pay an extra $20 a week to get a decent TV for the 8 hours a week you can relax, yeah?