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| I was just a little guy at the time, but I remember my folks interest rates running up to around 24%. Of course it is near impossible to make it at that when the whole operation is under the gun. But refinancing was a slim option in those days (early eighties) for them, no banks wanted to take on the risk. Years into it they finally found a fixed rate at 18% or so (and were happy to get it). They are still trying to catch up on that. I'm glad for the guys that are saving some money by running the variable rates, just don't miss the boat when (not if) things start to turn around, because all those guys in the eighties sang the same tune. Nothing new under the sun, as they say. | |
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At the risk of ....
