A 70 Year Loan? I'll Be 110 By The Time I Finish Paying It Off...

I had this nightmare:  My boyfriend bought me this 8 carat diamond.  I freaked out. 

"How did you pay for this?" I asked. 

"Don't worry about it; it's only $ 499.99 a month", he calmly responded.

"How long did you finance it for?"

"70 Years!" he said.

OK.  Maybe not 70 years, but what's with these 50 years loans? 

Can someone please explain to me, why the boys in the suits and fancy offices keep devising new plans to keep the general populace in debt, instead of creating new ways to get them out of debt? 

Can anyone explain the value of the 70 year loan? 

Just don't tell me that it's interest only with negative amortization...

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