this post was submitted on 22 Jul 2023
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Explain Like I'm Five | Don't Panic!

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Eli5: why are interest rates now considered worse than higher interest rates of decades ago? (lemmit.online)
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The original was posted on /r/explainlikeimfive by /u/ExcellentArea6152 on 2023-07-22 01:43:30.

I am surrounded by boomers saying this that in their day interest rates were at 15% and we have it easy! I’m also surrounded by the younger generations saying this is ‘not the same thing’

Explain to me the reasoning…

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[–] [email protected] 1 points 1 year ago

Having been around in the before times, the biggest difference for me is the cost of living vs wages. My parents were hurting financially due to the high interest rates, but their mortgage was a much smaller amount.