Human irrationality around shelter is a market inefficiency which the banks are happy to take advantage of.
They're also happy to write documents that are incomprehensible to the buyer, providing terms in their favor, as they know they are not working with experts, 99 percent of the time.
When individuals are put in opposition to large institutions, the individuals are going to lose. No amount of financial education is going to change that.
Regulation and good governance are your best bets, though competition sometimes works as well; place another institution in the mix to take the burden off the individuals.
They're also happy to write documents that are incomprehensible to the buyer, providing terms in their favor, as they know they are not working with experts, 99 percent of the time.
When individuals are put in opposition to large institutions, the individuals are going to lose. No amount of financial education is going to change that.
Regulation and good governance are your best bets, though competition sometimes works as well; place another institution in the mix to take the burden off the individuals.