15 Jul 2022 3:12 pm
I'm referring to those with existing adjustable rate mortgages, which are currently the kind held by over 10% of mortgagees, which will all be hit hard with increases that will be forthcoming, to say nothing of how many home buyers will now look to an ARM that would currently have lower rates than a fixed-rate mortgage.BlueDevil » 15 Jul 2022, 2:44 pm » wrote: ↑ Who was President in 1980?
Rate hikes will only hurt if you're borrowing now. Banks can't raise your mortgage rate after you've signed the loan papers. Credit cards should be paid off monthly. The cost of cars is going to come to a head. I read the other day monthly notes are over $700/month. People are financing cars for 6 and 7 years now too. At some point they'll wake up. I have $160k worth of cars in my garage, one of which was paid off early. Eventually Americans who can't afford cars will stop buying them, and prices will adjust.
And of course, everyone would be wise to pay off their credit cards every month in full, but that's about as realistic as our present idiot leaders telling us to just buy an electric car if you don't like the high price of gas that Biden has caused.
And one of the greatest presidents of all time was elected in 1980. Here he is alongside the other greatest president of our time:
