The History of Debt
by Rit NosotroChange Over Time essay
Today's financial world is wild with debt. Incentives for a home mortgage, then a home equity loan, then debt consolidation, capture consumers in a vicious cycle of greed. Trace the history of financing large expenditures.
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Summary:
Capital investments were initially only possible with the taxes that were collected by governments. Eventually private wealth was consolidated between investors to enable costly ventures which decreased risk for the participating individuals.
Is this still the case when a family decides to refinance their home loan or take out a second mortgage? Is risk potential decreased or increased with a home equity loan? Is there a Biblical understanding of debt?
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