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Joined 4 months ago
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Cake day: December 9th, 2024

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  • I don’t know what the situation is in your country, but here’s an example from the UK.

    Imagine you bought a £500k house in London just after the pandemic. The mortgage rates were around 1.2-1.3%. You could afford monthly payments at the time, everything looked cool. Now a couple years later the war in Ukraine starts, economy tanks and interest rates go over 7%. Now your monthly payments become 3-4x higher and you’re fucked. You lose your house, become homeless and you still owe half a mil. The end.