Mortgages, loans and credit card debts.

    As most people know, getting mortgages, loans and carrying credit card debts is quite some expense. But since the begging of the year 2022 it's even more expensive, and it won't stop getting worse. From the data currently accessible by the public, it turns out that "it could add even more pain in the form of job cuts and smaller raises". The Federal Reserve is currently trying to fight inflation, but to this point they have been clear that they'll only pull back on their rate hikes (that in turn means the monthly interest payments on existing debt will soon be higher) once they see "compelling evidence" that inflation is slowing down. What it means is that borrowing money will get more expensive with time. So any purchase that requires a mortgage or loan (for a home, car, or higher education) could be negatively affected. To sum up, think carefully before you choose to get a mortgage, loan or start credit card debt in present or future, because it could have a bad influence on you in your time ahead.

https://www.businessinsider.com/interest-rates-going-up-labor-market-mortgages-credit-cards-loans-2022-9

Comments

  1. englishdiarySeptember 21, 2022 at 10:21 AM

    Living on borrowed money is never a good idea but I gather now it's become even more risky.

    ReplyDelete

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