Non-millenial here, also watching my payments skyrocket by 440%. Can’t get loans with my excellent credit score because my debt to income ratio is super high. At this point it would cost me less to tank my credit, go into default, and be garnished since my credit score is meaningless anyway.
299.56% for me.
And the kicker is that in the 10 years that I have paid, my principal balance has not decreased at all.
Oh, and the real treat? Since the Federal injunction, I can’t recertify my repayment information, which means I lost all progress towards loan forgiveness.
I am fucking livid.
They will almost certainly change the rules once the injunction finalizes. Call your representative and tell them what’s going on.
Holy shit!! I won the birth lottery be being born in Norway, and I watch Last week tonight with John Oliver weekly, read the news about what’s happening around the world, to be informed, listen to Behind the Bastards, Lemmy, local news etc., so I feel pretty informed. However, 440% increase? And the other commentary who’s paid for 10 years with no decrease - what in the actual fuck???
There are SO many property owners who could not keep their house with a 5% increase on their house loan (article from COVID years), and I remember reading about people going to the news complaining that they had to cancel one of their streaming services, and others who maybe had to sell ONE of their two cabins.
450%‽‽‽‽‽‽‽‽‽‽‽ Why have people not revolted? How can you still be complacent? I’m so sorry to hear about this happening.
And the other commentary who’s paid for 10 years with no decrease - what in the actual fuck???
Not to justify, just explain: That person likely only ever paid the bare minimum to cover interest. It’s like when you have a credit card. You can make interest-only payments, or you can pay more to start clearing the actual debt.
There are SO many property owners who could not keep their house with a 5% increase on their house loan
But it’s not a 5 percent increase, it’s a five percentage point increase on the interest.
I’ll take a loan calculator with typical Estonian values for an apartment, not a detached house, bought before the Ukraine war with the standard margin + euribor interest scheme.
250k @ 15% down, 30 years, 1.7% base interest + 6 months euribor. Euribor was 0, so we input that into the calculator. Monthly payment is 754 euros. About the same as rent for a decent 3 bedroom apartment, so not a bad deal, right? At least you get to keep it at the end of the 30 years, plus Euribor has been 0% for like a decade, it’s never going to go up. Well, now Putin attacked Ukraine and it triggers raised interests because they’ve already been too low and inflation has been too high. Over the course of the next ~2 years, Euribor goes up to 4%. Now your interest has gone from 1.7% to 5.7% annually, with the euribor part being updated every 6 months. And the payment? 754 euros monthly to 1233 euros monthly. If you’re making 2500 euros neto, 754 euros for a mortgage isn’t a bad deal, but 1233 euros as the prices on absolutely everything is going up 2-3x? Suddenly it’s a lot less affordable, at least if you have a family and such. For a single person it would still be doable.
How bad will it get before people start emigrating?
People who emigrate in response to things getting bad are cowards …
Congrats on the most stupid take my eyeballs saw today 👏
What are you talking about? People emigrating (after an enormous genocide) is how this country was made!
Again, I’m very confused on how that’s relevant to what I’m saying
It’s relevant because if we go by your logic, then the entire country of USA is made by and for cowards since all of them, except for the native Americans, are either immigrants or descendants of immigrants. Ergo, the United States is inherently cowardly.
That’s really strange that you think people are purely determined by their parents… Like, seriously, what?
But sure, founded by. A nation isn’t determined purely by it’s founders. That still hasn’t explained how this is relevant to what I’m saying.
I don’t think that. I’m just applying your logic to the reality of the United States being a nation of immigrants who aren’t native to the land they inhabit. Therefore it is a nation built by cowards. People still migrate to the US today, btw. And they marry the descendants of the cowards so the cowardly traits will never die out there.
Or maybe, just maybe, people who migrate to another country are just looking for ways to live a free and happy life? Maybe those to move some place else have better opportunities somewhere else and they prefer to live in peace with their family rather than being potentially thrown in concentration camps or killed by their government. It is so easy to sit there and say that people who move away from an area are cowards. Just like it is easy for me to make the conclusion that all of US is cowardly because all of them (except the natives) either migrated there or descend from generation upon generation of migrants. You are correct in objecting to that conclusion and calling it strange because that is indeed a strange thing to conclude. Just like it is strange of you to conclude that those who move away from the US currently are cowards. It is strange and a downright foolish statement to make.
You applied a perversion of my logic.
I did not say all immigrants were cowards. I said “people who emigrate in response to things getting bad are cowards.”
You not reading my sentence in full and instead splicing it to fit your image of me is a tad annoying.
Effectively, I’m saying those who flee at the start of when things get bad instead of trying to stop it are cowards. If you can make a difference, you should. That’s my viewpoint in life.
“Going somewhere for a better life” is not what I’m against. “Refusing to attempt to stop the decay of your current space” is what I’m against. People like the leadership dems, who flop down in the face of a foe. That’s cowardice.
It’s an understandable thing to do. That won’t stop me from thinking they’re cowards.
Last month, a federal judge blocked the Biden administration-era SAVE plan, an income-driven student loan replacement program with 8 million borrowers, claiming it lacked the authority to forgive millions of dollars in debt.
It’s almost funny how when Biden was President he had no authority to do anything, however trump doesn’t seem to have that issue as much. Almost funny.
I don’t know why Biden didn’t just go full dictator like Trump. Dictators that do the thing I want are actually good and there’s absolutely no possible repercussions.
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