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you'd see no loans longer than 6 years--with loans getting shorter as the 7th year approached. Think about it: You want to buy a house, you get, at most, a 6-year mortgage. If it's unlikely that you'll pay it off, you'll get no mortgage.
And I can only imagine what the agricultural commodities markets would do under that kind of system. And land ownership outside of cities reverted, as well, making the entire mortgage issue mostly moot. Under a clan-based land-ownership system, it works, in theory. Under a title-based open-market system for land ownership, not so much.
Note that the usual view is that the 7th year was the same for everybody, from a single starting point. It was something that didn't depend on when a ruler came to power. So if the country's in year 5, it means that any loan you get will have a term of under 2 years. Makes for dicey car-loan repayment schedules. Or education loans. Or, really, anything other than a short term loan. Remember: There's no requirement to make loans, so when you look at assets and income, you can set the bar high. That's a good thing, IMHO, but mine isn't a universally accepted view. (Remember the mid-90s, with 'redlining' and a big push to make sure those with marginal incomes and balance sheets could get home loans? There's one source of the risky loans that created today's mess: Once in place for minorities with fewer assets, they became standard, and widespread. Thin wedge > thicker wedge > log split.)
Note you'd have to observe the Feast. Few Xians do that these days. Pity, that. Most have no idea when it starts. Don't worry--if you're of a mind to observe it this year, you have about a month to get ready. It's on the late side this year.
Go with the 7th year stuff, and you eventually get to the year of jubilee, a whole different kettle of fish.
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