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It should be illegal to charge compound interest, and the highest a person should ever have to pay is 10% of the total borrowed. So $100 is $110 back, max.
Then what's to stop people from borrowing money and waiting until the amount they have to pay back is less than what they borrowed due to inflation?
What's to stop people from borrowing money and waiting until they die?
Forfeitures. Credit ratings.
I guess nothing. Make things cheaper.
It's a bit more complicated than that, I'm afraid
Greedy Billionaires aren’t complicated.
No, but economics are.
They’re complicated by manipulation. I wonder who is doing the manipulating?
Kill the billionaires.
I hate this argument.
What happened to being an adult and not signing your name to stupid shit you can’t afford?
Predatory business practices.
Compound interest has been a thing since the Babylonians, 2,000BC, and they understood it from clay tablets.
If you don’t understand it 4,023 years later with a iPhone in your pocket, you’re an idiot.
Usury was also a thing back then.
Since the 1950s, America has demonstrably engaged in dumbing down its population. You're right, personal accountability is king, but that's assuming you're dealing with a populace that has critical thinking skills and not addicted to bullshit consumerism delivered by dogmatic "Free-est country on Earth" propaganda.
Predatory capitalism happened. And a system of society that doesn't afford everyone an equal opportunity to take advantage of such a system.