[The Mayor]

17% was my rate in 1980, thankyou jimmy carter.

[ErnBatavia]

17% was my rate in 1980, thankyou jimmy carter.

But if you had cash in the bank, it was great fun! Right around that time is when we, the little people, began to be allowed to open Individual IRAs...I had my first couple in the 15 to 16 percent area.

All the savings institutions loved to advertise with those little charts showing us how quickly we'd have a zillion bucks if just stuck with making an annual IRA contribution for 20 or 30 years.

Now, I can't get 2 percent.

[dalereed]

"17% was my rate in 1980, thankyou jimmy carter."

At that point in time the bank offered me $50k @ 12% and I took it only because I already had it loaned out at 18%. I carried it for the 4 year term of the 18% note then paid it off.

Other than that, i've never borrowed a cent for anything except a home mortgage which I paid off 14 years ago. I own my home and condo which I bought for cash free and clear and don't owe anyone a cent.