|
Fortunately, I own my house (other than a small investment loan that is currently worth less than the loan balance, hopefully the stock market comes up again). While I feel very sorry for people, especially the young, who have loans to service but I remember back in the 80's riding out interest rates of 18%+. I cannot imagine what would happen if rates went back to this sort of level. Unfortunately, young people today want their first home to have heating, air conditioning, two cars, big screen TV etc. and they don't seem to build in any protection from rate rises....when the rates go up, they hit the wall.
|