This isn't on morgages but on credit cards but what you said applies the same. If for some reason you run your balance up at say 15% and can't make the payment then what is the logic behind punishing that person by RAISING the interst rate? If ya can't pay it at 15% you sure can't pay it at 20%.
All that does is force the card user to file bankruptcy on it which means the loan company gets nothing. I would much rather recoup the principle and lower interest than lose it all.
I did however only graduate High School so my economic lessons are limited as conpared to those college graduates who decide it is better to get nothing than something.. Not knocking college grads here I know most all still have common sense after they graduate but then there are those.......
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Today's Featured Article - 12-Volt Conversions for 4-Cylinder Ford 2000 & 4000 Tractors - by Tommy Duvall. After two summers of having to park my old 1964 model 4000 gas 4 cyl. on a hill just in case the 6 volt system, for whatever reason, would not crank her, I decided to try the 12 volt conversion. After some research of convert or not, I decided to go ahead, the main reason being that this tractor was a working tractor, not a show tractor (yet). I did keep everything I replaced for the day I do want to restore her to showroom condition.
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