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Remember When: What have we learned from the 1980s and that 21% interest rate?
The house Steve Douglas and his wife bought in Brampton, Ont., back in the 1980s, seems like a steal by today’s standards: It cost just $189,000. But the interest rate on his mortgage was anything but a deal – it was a whopping 18 per cent.
“We were paying about $2200 a month, and back in those days it was pretty much all we had and our entire incomes were basically sucked up by the mortgage and bills and the whole bit,” he said. “It was a horror show.”
Read the full article here.
The house Steve Douglas and his wife bought in Brampton, Ont., back in the 1980s, seems like a steal by today’s standards: It cost just $189,000. But the interest rate on his mortgage was anything but a deal – it was a whopping 18 per cent.
“We were paying about $2200 a month, and back in those days it was pretty much all we had and our entire incomes were basically sucked up by the mortgage and bills and the whole bit,” he said. “It was a horror show.”
Read the full article here.