re: #331 Jadespring

Another lesson is be very careful about using your house as collateral any set of ventures that have a possibility of failing. Although common practice it’s not without risking some serious consequences.

Yeah, I’m not even sure many Americans fully understand the concept of collateral to begin with. It means when you don’t pay, they come and take your shit. This reminds me of the stories that I’ve read about the sketchy pay-day loans that people take out using their car as collateral. And then act shocked when their car gets repo’d.