MSNBC: Household debt tops $16 trillion for the first time, fueled by higher inflation and interest rates
POSTED BY: 6IXSTRINGJACK
UPDATED: Monday, May 19, 2025 16:00
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Just for the record...
December of 2021: Somebody who bought your house at a rate of 2.70% will find their monthly mortgage will be $912.59. They will end up paying $103,534.07 in interest. The total cost of that $250,000 house you sold will be $353,534.07 for them.
July of 2022: Somebody who bought your house at a rate of 5.51% will find their monthly mortgage will be $1,278.94. They will end up paying $235,417.53 in interest. The total cost of that $250,000 house you sold will be $485,417.43 for them.
July of 2023 (According to Freddie Mac's reported average per AP's article): Somebody who bought your house at a rate of 6.81% will find their monthly mortgage will be $1,468.33. They will end up paying $303,599.07 in interest. The total cost of that $250,000 house you sold will be $553,599.07 for them.
July of 2023 (According to Google's reported average for a credit score of 700-719): Somebody who bought your house at a rate of 8.123% will find their monthly mortgage will be $1,670.30. They will end up paying $376,309.31 in interest. The total cost of that $250,000 house you sold will be $626,309.31 for them.
NOTE: The above figures all consider $25k (10%) down payment, with the $25k factored back in after interest is calculated.
There is an 8/10 chance that the FED will raise short-term rates from 5.25% to 5.50% on July 26th.
https://www.forbes.com/sites/simonmoore/2023/07/01/what-to-look-for-in
-the-feds-july-interest-rate-announcement/?sh=4edff97f58db
Nobody is committing to any hikes beyond that, but many feel that there will be at least one more rate hike in 2023.
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How you do anything is how you do everything.
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Another $500 billion expect more banks and credit card companies to go bust, the West doesn't save anymore.
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House Republicans Propose Raising Debt Ceiling By $4 Trillion, Senate GOP Wants $5 Trillion To Pay For Massive Tax Cuts
https://upolitics.com/news/house-republicans-propose-raising-debt-ceil
ing-by-4-trillion-senate-gop-wants-5-trillion-to-pay-for-massive-tax-cuts/
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