Physician, heal thyself!
TThis is the stuff that started the whole darn bubble,
Happy, finally,to see that you have to prove you can pay back the loan before you take the money and head to Mexico...
The American borrower is one of the stupidest creatures on the face of the earth, and, short of protective custody, this is about as good as can be done.
My grandmother, GRHS, was a NYC public school teacher for 50 years, 1912-1962. When she heard about the invention of VISA, she was absolutely incredulous. She predicted, in exact detail, the financial future of the United States from that day to this.
If your point is that "consumers" are NOT ignorant and foolish, you got a lot of 'splainin to do.
The mortgage interest deduction has led to a lot of our problems. When they took away all other interest debt deductions away but left the mortgage interest intact they were just begging for folks to leverage their home equity for other loans.
Credit cards, autos, stock market “investing”? No problem! Borrow from your home to finance these at lower than market rates.