Quote:
Originally Posted by afc wimbledon
We also lend absurd amounts of money to morons now in a way we never would have even twenty years ago.
My father (a financial dofus of Homer Simpsons like proportions) would have to crawl on bended knee across the bank managers door while chanting 'verily I am an idiot of the highest order' in order to get a small overdraft.
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So true. We bought our first house in the mid 70's. Interest rates on mortgages were 9%. We had to put down 20% and mortgage payments were based on the primary earner's income, not on combined household income.
We mostly bought 20+ year old houses that averaged 1100 sq ft.