The MMM Mutual Aid Community is building a just world. We believe it's important for everyone to have enough funds to live a happy life. Banks have a different goal which is drive each person into a loan trap and turn them into a perennial debtor. They lure people by allegedly super-favorable loan terms, and gullible citizens fall for their tricks and get themselves into a mess. Why You Can't Take Loans Assume you've fallen for favorable terms and bought a car on credit. You will pay another 30 % on top of the indicated price at best. If the car costs $50,000, you'll buy it for $65,000 (often terms are much worse). In a couple of months you suddenly happen to have health issues — you need money for the treatment. The bank will not care about that — each month you have to pay back your loan, you have no right of rescission. Selling the car won't help you: it will become a lot cheaper as a second hand vehicle, and you will be left with a debt and without a car. 5 Steps of Bank Reprisal Preliminary Action. Even if you haven't fallen into arrears yet, a couple of days before the payment date the bank often checks in with you. At this step they won't fine you or ruin your credit record. It's just a simple reminder. This psychological move is the first “wake-up call”. Soft Action.If you fall into arrears, in 2 or 3 months the bank will remind you of the debt more often: they will call you and write messages, call your family and friends. Most loan agreements have a clause on late charges that banks happily resort to. Hard Action.If you don't pay, the bank will hire debt collectors — debt chase-up professionals. The late fee is still charged, and you and your family get 10 times more calls. They exert strong moral coercion on you while the late fee continues to grow. You now own $80,000 to the bank instead of $65,000. Court Action.While the court examines the case, late fees are not charged, but you'll have to pay all legal costs if you lose the case. You'll have to pay a solicitor to prevent the bank from increasing your date though court action. In 95 % of the cases debtors lose their cases in court. Final Action.If you don't repay the loan after the court makes the judgement, your debt is passed on to court marshals. They come to your house and distrain your property worth the same amount as the debt which has risen to $100,000 in the process. Thus, the long-awaited car has turned into loss of property, deterioration of relations with your family because of the debt collectors' intrusiveness and wrecked nerves. Don't be swayed by allegedly favorable credit terms. If you've already taken a loan, pay it back as soon as possible by any means necessary to avoid compounding matters. Don't deal with banks, join MMM and earn a high monthly rate. The Mutual Aid Community is everyone's chance at financial freedom, having enough money for a car, a new house, running a business, tackling with health issues and other needs.