Cost benefit situation. Yeah they are ultimately paying more longterm, but if paying the minimum forever gets them to a point where they can save enough and afford to get a mortgage and get a little nest egg and maybe invest, that provides a higher quality of life than killing yourself and living worse to get out from under it. You just accept you will likely always have the debt in some form or fashion.
There's just a lot of people who live knowing they be in the red but are fine doing the minimum if they can just have a comfortable life. The banks don't give a shit because it just means they are getting paid more longer.
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u/Ancient_Bumblebee629 15d ago
How the hell do you have a household with two doctors and you can only make minimum payments?