Coronavirus (COVID-19) Discussion Thread

[Bofferbrauer2]

sethnintendo said:

Bofferbrauer2 said:

You get those anywhere in the world and in most countries, there's no problem with them. The Problem in the US is that they are not linked to the rates from the central bank or capped in any way. Mine never went past 4.65% but dropped as low as 2.25% yearly rate during the 8 years I was repaying my loan.

Oops I guess just speaking from experience in USA where rates went to 8-10 percent or even more.   Also didn't help that some banks/lenders weren't verifying income.  They verify income now but don't think there was a cap put into place on adjustable rate mortgages here.

That would be the rate I'd have to pay if I drop below zero on my bank account, and those are intentionally punitive to ensure everybody keeps their balance positive, comparative to an overdraft fee. Such rates are really shitty to put on people with any kind of loans.

Last edited by Bofferbrauer2 - on 31 July 2020