Car payments……student loans….I’m betting that the folks that have purchased a home in the last year might find themselves in the same position in the near future.
Democrats and their minions in Congress F up anything they touch.
Any variable rate debt is going to get really expensive, in the very near future.
Even if you are in a fixed rate mortgage when you bought your home a couple years ago, when rates are much lower, it’s still going to get bad for you.
If you are not already, you will soon be underwater on your mortgage, if you purchased a $300,000 home a couple of years ago, the price of homes will be crater if mortgage rates get to 10% or more, they are already touching 8%.
The scary scenario is US involvement in a war in the middle east, oil is already at $90/barrel I’ve seen predictions of $140-150/barrel in the next 18 months or less.
The death spiral will be rapidly rising oil prices, which will make inflation spiral, which will cause interest rates to spike which will devastate the consumer and the economy in general.
The economic geniuses in Washington will see shrinking government revenue as the economy tanks, Government spending will go up, the cost of finance the new debt and refinance the existing debt will cause the deficit to explode.
I’m usually a real pessimist when it comes to the economy, but I see nothing but a really bad future in next couple of years.
It’s not only the car loan payments...there is a sales tax on the original purchase...annual road tax calculated on purchase price...annual license fee..and insurance on top of that.
Depending on state and county regulations...worse in blue states.