There is a chicken soup saying in this world that has been regarded as a divine saying. Ninety-nine percent of people have heard this sentence and said:
“Only the poor save money. , the rich are all liabilities.”
Specifically, it means: Rich people compare who has more debts. Having more debts shows that they are powerful and banks are willing to lend them so much money. The poor have no banks willing to lend them money, and the poor don't know how money begets money. They only know how to deposit money in the bank, and then earn a little interest, and then the money is borrowed from the bank by the rich, and money begets money.
As a result, misunderstandings about loans have emerged one after another, and 99% of people have fallen into misunderstandings about loans.
01
The way you spend your money is like a leek
Although the main topic of this article is housing loans, let’s talk about other loans first.
"Rich people borrow money, and only poor people save money!" Is this sentence correct? From the inner meaning, it is generally correct, but most people don't understand why rich people borrow money. From where and how to borrow money, I have no idea. I only remember the word "borrow money" and only recognize the literal meaning of the word "borrow money".
Others borrow money to get rich and make money, but most people borrow money to spend and consume, and the way you spend money is like leeks. Because you have no idea how high the interest rate on the money you borrow is!
Needless to say, in an era when credit card installments, decoration loans, car loans, cash loans, Huabei, and Baitiao are extremely developed, it is difficult to say that a young and middle-aged person has never used any of the above. If you tell me this business, you may not believe it yourself.
But the vast majority of people don’t know or understand how high the cost of borrowing the money is.
Take the most basic credit card installment as an example:
What is the loan handling fee for a 1,000 yuan loan? According to the normal calculation without discounts and inactivity, the monthly rate is 6.6 yuan, which is 79.2 yuan a year. According to the bank's annualized interest calculation, the annualized rate of 7.92% does not seem high.
Let’s look at Weilidai, which claims a daily interest rate of only 0.035%. The accumulated interest in 10 periods is 58.78 yuan. If converted to one year, it will cost about 60 yuan, which is slightly less than the credit card installment plan. A little lower.
Most of the interest rates on installment loans give people the impression and initial calculation that they are only about 6%-8%, which does not look high at first glance.
We have designed both installments to be repaid in 10 installments, with a total amount of 1,000 yuan. We use the IRR formula to calculate the actual interest rate. What is the actual interest rate?
One annual interest rate is close to 15%, and one annual interest rate is close to 13%! The gap between the stated interest rate and the actual interest rate is close to half.
Careful people should have noticed that many loan platforms like to use the words "borrow 10,000 yuan and only charge 5 yuan in interest per day" or "borrow 1,000 yuan and only charge 5 cents in interest per day". It seems like a very low-interest slogan, but in fact, if we calculate it using 365*5, the actual interest rate for one year is as high as 1,825 yuan, which is equivalent to a real interest rate of 18.25%!
What is the threshold for loan sharking?
Article 26 of the Supreme People's Court's "Regulations on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases" stipulates:
The interest rate agreed upon by both parties does not exceed the annual interest rate of 24%. If the lender requests the borrower to pay interest according to the agreed interest rate, the people's court shall support it.
Whether it is our credit card installment or online loan, the interest rate is very close to the threshold of loan sharking.
No matter whether we go to the bank or Yu'e Bao to save money, the annualized rate of return we see is based on the return that you can get if you save the entire principal for one year, that is, 3% annual rate. The return rate is that you need to save 10,000 yuan for one year to get 300 yuan in interest.
On the contrary, if you borrow a nominal 8% loan and charge you 8% interest when you use 10,000 yuan in the first month, you will only owe him a few hundred yuan in the end when you repay the loan. At that time, you will still be charged 8% interest on the total amount of 10,000 yuan, not how much principal is left, but how much interest will be charged based on the principal.
The blinding method prevents you from thinking that he is superior. This is the brilliance of financial institutions.
Not to mention, car financing installments with more complicated routines, and even the notorious campus loans.
So, many people do not save money or raise a down payment. They adhere to the mentality of borrowing money and use it to buy mobile phones, jewelry, bags, etc. with funds that are close to loan sharks. Buy cosmetics, even travel, and buy a car.