Another Interest Rate hike. Just heard on the news. Yes, I'm angry. [View all]
With the good work that Biden is doing, I can't understand why this is necessary. It punishes those of us who have any debt. Whether it is mortgage, Credit card...whatever. It is killing me. My late husband and I fell for the "good things" about a Reverse Mortgage. We took one out to do some repair needed for our 200 year old house. Update the kitchen and bath. Sell the house and move to something smaller since our kids were now off on their own. Shortly after applying and signing for this awful thing, my husband died(15 years ago). I have had to borrow a couple of times but the interest is killing me and certainly the same thing is happening to others.
Can someone please tell me why this is rise in rates is a good thing. Who suffers? Certainly not the wealthy. What's a few more dollars for them. For those like me and others with any kind of debt, it is a disaster.
(Thanks for letting me vent).
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