70% Of Voters Say Interest Rates Are Too High
- Thread starter GURPS
- Start date
Clem72
Well-Known Member
Are you trying to make a point? Which one of those forms of debt would you, as the debtor, like to pay a higher interest rate on? Your example of good debt, debt that earns you money, earns less money the higher the interest rate is....
Like too or willing to. That is the question my friend, small minds don't think like entrepreneurs. Bet you worked for a pension clemmy.
What I'm saying is one could be in that 70 percent in debt, but it could be an affordable mortgage payment. The debt is not a problem.
Credit cards are evil if you use them as a long term loan. Many do.
Clem72
Well-Known Member
I did. But I also owned a business twice upon a time. The only point I was trying to make in my original post was that it's not a surprise that 70 percent of people think interest rates are too high, when 77 percent of people have considerable debt. No deep thinking needed.
My mortgage is at 2% and I pay extra. I use my Visa for almost everything and pay it off every couple of weeks. My score is 800+.
TPD
the poor dad
My mortgage originated in 1993 with a 6.5% rate. I never refinanced and paid it off in less than 24 years before I was 49 years old. A mortgage I got in 2000 on a rental house was 8%. Never refinanced that one either. That was paid off in 16 years. Today‘s mortgage rates are no different than the 90s. We just got used to cheap money from 15 years ago. Eh - are they really too high now? I think 5-7% is a fair rate.
I wouldn't rush to pay that off at 2%.
My point is this, entrepreneurs take interest rates into account when they make business decisions and paying a little more to get what you want is sometimes worthwhile. I have done it several times, worked for me.
Kinnakeet
Well-Known Member
Freedom= not living in MD
Kinnakeet
Well-Known Member
My SIL Credit card is at 24% and she uses it for everything from what she has said can you imagine that I tried to explain to her what she has done to herself by doing that but she does not care.
OccamsRazor
Well-Known Member
Doesn't care OR doesn't have any other options?
The main reason I can think of - that interest rates are "too high" (because I remember the late 70's and early 80's, when they were easily 9% or worse) - is that most other industrialized nations have them at least a point and a half lower. Most EU nations are at 3. Not an economist but I think that means it's better to borrow from our competitors than at home.
Kinnakeet
Well-Known Member
Both
No question about that, just shows that the average American is a moron!
Didn't we already know that?
Some do, some deny it. (the morons for example)
Everyone is waiting for tomorrow at 2:00pm.
If you pay off the balance every month, there is no interest, regardless of the rate. I haven't paid interest on any of my CC for 25 years.