Overheard at work just now…
“I got denied from a car loan this weekend from Huntington bank. The dealer was able to work something out, but the interest rate is 11%”
😬
Discussion
I think we’re at the “suddenly” part..
Yikes!
My parents first mortgage back in the 70s was 21% interest and that was considered good
Bet they weren’t buying a house worth 5x their salary
🥴
And so did the bank create for itself another debt slave.
😢
This is usury. Until the finance industry eviscerated anti-usury laws, this was illegal for a thousand years.
Usurious loans are more often placed upon a population than taken by a population. When a man is in need of a car or a house, the terms of those loan are not consensual, and he becomes a slave to the finance industry.
If you need USD right now, you’re gonna pay for it. Everyone is getting squeezed. The days of living off future earnings are coming to a close.
This hits home… https://www.zerohedge.com/markets/auto-loan-denials-hit-six-year-high-distress-cycle-shifts-gear
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It’s the only way for banks to remain solvent while they eat the long term low interest loans they gave out over the past few years. Also the default rate on car loans is sky high, driving (pun intended) interest rates on car loans even higher.
problems from printing money, central planning