Memory

I am old enough to remember interest rates of the late 1970s and early 1980s. We were transferred to Illinois in 1985. Because we were able to sell our Indiana house quickly and the company was offering buy outs for the dozens of families facing the same move, we were granted extra $ to buy down our rate.

We applied for and were approved for a 12.75% mortgage which was due to our excellent credit rating. We used the company $ and paid several thousands up front and bought down our mortgage to 9.75%. We were going to make it. We could, with extreme budgeting, make that $1,100 monthly payment.

Back in 1980, we were contacted by our credit union. They were offering a special savings account and with our saved amount, we qualified. We moved over $20,000 to this new account which paid zero interest on the first $1,000 and 13.25% on the remaining balance.

I heard a prediction this week. This talking head sees us revisiting the days of Carter. This is just a reflection triggered by one economist's prediction.

'til later