If you are already paying a 24% car loan, why would that go up if we default, isnt that already in ur contract?
No change unless you have a variable rate?
How does the Aug 2nd deadline affect car loans and mortgage loans?
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If you are already paying a 24% car loan, why would that go up if we default, isnt that already in ur contract?
No change unless you have a variable rate?
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If we default, interest rates will go up–permanently.
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No change unless you have a variable rate?
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true.
After Aug 2nd though, not only will interest rates skyrocket, but I honestly would not be surprised if the credit markets froze in exactly the same way that they froze after Lehman Brothers collapsed, except this time, there will be no one to unfreeze the credit market (this means, in short, all business transactions will stop and no loans will be given out for capital equipment, cars, or property of any kind), because the US will be the company needing a bailout (which is what saved us and the world from falling into a Great Depression), unless other countries were willing to bail our government out, just like Greece right now…difference between us and greece is that no one trusts greece to pay back their debt (i.e. low credit rating), whereas the world views the US as the safest bet in the world to pay back it’s debt, all we need to do is raise the fucking ceiling.
Goddamn Fucking ridiculous.
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