Everyone should refi now if they haven’t already, if they need to get out of an adjustable mortgage and switch to a fixed rate.
I don’t recall, but have heard that during the Carter years, some mortgages hit 16 and 17 percent. Just doing the math on that, to figure a monthly payment on a mortgage at such high rates, will make your head spin.
Hopefully we aren’t headed back to those levels.
Yes, I also wouldn't buy a house right now unless absolutely necessary. I was a homeowner during the Carter years, and my mortgage was at 14%? On the flip side, houses were far, far less expensive so payments reflected that.
My folks had one of those high-interest mortgages in the 70’s.
My Grandpa was so stinkin’ MAD at Carter, that he paid off their mortgage and had them pay him back, sans interest.
It was a good investment for all concerned as housing rebounded nicely under Reagan, plus it stuck it to Mother Government, which I was encouraged to do at every opportunity, LOL!
When I came back from Army Basic Training and AIT (further schooling) I wanted to buy a car. It was a whopping $1,700.00 and I had half of it saved up in cash. I went to ‘The Bank of Grandpa’ and got a loan for the remainder after he had inspected the car. Paid him back faithfully every month at the amount we agreed to. When I had paid him back 1/2 of what I owed, he tore up our contract. “I just wanted to see if you were as good as your word, Kid. And you were.”
I retired debt-free at age 56. (The only debt I had was my farm; no vehicle debt, no credit cards.) Thanks for all the lessons along the way, Grandpa!
We CAN overcome whatever Mother Government throws at us. It’s not FUN. It’s not PRETTY. But it CAN be done!
And if you’re over 50 years of age and still dealing with debt, I’d suggest some lifestyle changes. I have friends my age, similar incomes as me, yet are loaded in debt. Debt makes me feel like a serf, so go without it. Too bad I can’t go without taxes to really undo that serf feeling. Other people think different about debt I guess, whatever.