Financial Institutions have always held the practice of taking their cut up front while all the borrowers fall behind the value of items purchased through the banks/lenders. If a loan has a 10% interest rate, then only 10% of the payment should go to their cut and the rest to principle. This will help consumers all over the country get out of debt faster.
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AGREED! This should be illegal. 50% of my mortgage payment goes to interest (that’s not escrowed). 50% interest! That’s insane! This needs to end. Whatever the rate is, it needs to be a straight line of interest across the life of the loan.