Has anyone else noticed just how cynical the banks can be? Just today, I received in the mail two offers, from different banks: One offered a loan at a certain Annual Percentage Rate (APR). This is in keeping with what I grew up with. The other offered a savings account with a certain Annual Percentage Yield (APY). To compare the two is like comparing apples with oranges, since one takes into account compounded interest, whereas the other does not. Presumably, these folks are just hoping that no one will notice the difference...
Sorry if this rubs you wrong but I think lending money should be illegal. It's the greatest source of unnecessary risk, it causes inflation which devalues everybody's money making it difficult for the poor to get what they need, and because it's fundamentally unfair for anyone to receive money before they've earned it or to receive goods or services before they've paid for it, in full.
Actually, it does not irritate me. Perhaps that is because I largely agree with you. Although I would not go quite so far as to make lending "illegal," I do think it is hugely unwise to be spending tomorrow's money, today. I should probably note that I divide debt into two categories: mortgage debt and consumer debt. Most Americans simply cannot pay cash for a house; so mortgage debt is a necessary evil for most, until it can be paid off in full. (Here, I would strongly suggest an amortization schedule--plus the discipline to make an additional, principal-only payment each month.) Consumer debt, however, can (and should) be avoided, in my opinion.
