Comments by "looseycanon" (@looseycanon) on "DW Documentary"
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Nope. That wouldn't help. Rather, we need to change rules for lending, so that only principle is interestable. My father has been going through bankruptcy currently. As result of this, all interest and most importantly fines are removed from the equation. This removed 70% of his total debt, about a third of which were from interest from unpaid interest. Furthermore, the fact, that debt can be sold off is a huge problem in my opinion, because it causes the debt to become perpetuity. We already have accounting standards for handling delinquent debt and it is written off, after a while of debts going arrear. It astonishes me, that a debt so bad, it is mandatory to write it off, can be sold off to a debt buyer instead.
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