Perhaps the solution to such a complex problem isn’t as simple as a “do this and don’t do that”. Perhaps a complex problem should be looked at more multi-dimensionally.
Like most things, loans can be good and loans can be bad. Context matters. The rule of law is meant to protect people and keep the economy healthy. The law is ever-evolving. Sometimes it comes up short but in a healthy nation it can adapt itself to the times.
Regarding mortgage, most people in the west use their home as their retirement fund. After 10-15 years of ownership, the house is often worth twice as much as their total mortgage. The difference between what the outstanding debt and the value of the asset is called equity, and this can be quite substantial.
Bizarre statement.
You should look at the cost to build a house. And the cost of maintenance.
Builders don't make obscene profits. You can cherry pick good years, but you need to average over 10-20 years.
You can buy an older/used house for significantly less than its replacement cost.
Are you arguing that without the mortgage system, skilled trades would work for lower wages? Labor is 70% of the cost of building a house. Materials are 25%, Paperwork is 5%.
Would lower wages for skilled trades be a good thing? For whom?
Land cost varies from almost 0% to more than 100% of the build cost, depending on location.
Without a mortgage system, at most a few years of saving to fully buy a house.
I understand what you are saying when you think it is a similar thing, just the scale of numbers is different. Debt is a responsibility, and a really serious one. At all costs avoid it because there is no guarantee you will have the capabilities to pay it back + interest . If we can champion a system whereby buying assets does not involve an individual taking on a life destroying risk and instead they can use their normal income to save up in a reasonable amount of time, then this would be the best way.
Yes there will always be people and entities that are richer than the rest. The aim is not to squash every class into the same income bracket, rather stop the propogation of abuse that rich companies inflict by extracting wealth from the poor.
Stoping usurious interest loans means the economic interaction of rich with the poor. If they want to make money from their hoard, then they have to engage with the lower class on a level playing field (in terms of risk) with investing. In stark contrast to sitting on a throne and receiving guaranteed wealth from poor people who have no choice but to take on soul crushing debt.
An endless treadmill of debt which failing to pay substantially speeds it up until an individual can not sustain themselves.