My parents had a house with a 30 year loan in the 80’s… at 16%. That said, it was also only like $25k.
Credit cards in the 90’s had low limits but people would just get a bunch of them. I remember hearing the average person had 14.1 cards in the late 90’s.
This has been going on forever. I feel like it’s an integral part of American society since at least the 50’s. Deregulation has increased the speed, the disconnect between wage growth and inflation/buying power, etc.
My parents had a house with a 30 year loan in the 80’s… at 16%. That said, it was also only like $25k.
Credit cards in the 90’s had low limits but people would just get a bunch of them. I remember hearing the average person had 14.1 cards in the late 90’s.
This has been going on forever. I feel like it’s an integral part of American society since at least the 50’s. Deregulation has increased the speed, the disconnect between wage growth and inflation/buying power, etc.
The 80s spike in interest was due to feds trying to reign in inflation. My parents had to renew their 7% mortgage at 21%. Crazy times.