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Re: Re: Re: Re: Re: new car purchases

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Posted by toolman on February 17, 2004 at 21:27:01 from (

In Reply to: Re: Re: Re: Re: new car purchases posted by big fred on February 17, 2004 at 21:04:58:

maybe things are different between the two countries, i don,t know what a ARM is, here you can take out a mortage for 1 to around 25 years the shorter time you take it out for you get the best rates, most take it out for 5 years at a time and then they have to go in an renew it at the end of their 5 year term, if you have one now for say 4% and in 3 years from now the interest rates go up to say 10% your buggered if your spending power is all used up trying to pay off credit cards and stuff like that and the credit card rates go up too,thats what i meant when i said the low intrest rates of today have lured people into a postion where they live on credit and are able to make their payments now but if the intrest rates went back up to where they were a few years ago, their ability to pay would be in jeopardy.

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