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What will .75% do to you?

Lost_in_the_HTTP

Lost_in_the_HTTP

Lifer
I only have one loan that assesses interest and it will be paid off in a few months, so it won['t bother me too bad.. Now at 3.25 going to 4.0 I guess. Only costing me a few dollars a month.
 
My mortgage is fixed and both my cars are paid off. Hopefully I won't need another loan in the near future. With interest rates going up I expect lower returns for my stocks.
 
I had a fixed 1% 28 years that I refinanced to a variable, that is currently -0,5%, because I could erase ~10% of my debt. If the variable rate hit 2.25% I will pay the same per month as I did with my 1% loan. This autumn it should land between 0.5 and 1%.

So while we might have high taxes in Denmark our rates on house loans seems better than US.
 
Mortgage is fixed at 2.5%, truck is at 0%, only credit card is 5%. I don't think this will DIRECTLY affect us, other than some prices going up again.
 
I don't have a mortgage or any car loans. No credit card debt as I pay them off each month to accrue points. No debt at all and don't plan on having debt in the near future.

Back to focusing on FIRE with a savings rate that's around 70%.
 
Omg I just realized some people actually use variable APR.

This is going to hurt real bad for folks with worse credit using VAPR such as credit cards (and carry balance), and mortgage (yikes).
 
It worked out fine for me. Original rate was 4.5 or so. Went up to around 5 for a while then dropped to just over 2 for most of the loan term. This little jog up for the last few months won't be bad. Changed the payment to add another $50/mo which will cut at least another month off.
 
Mortgage is 2.25% and that's all I have. My Ally savings account recently increased to 0.9% APY, so this should give it another nice bump... here's hoping my savings account blows past my mortgage rate!
 
Nothing directly loan wise. Car should be done this month or next, not that it would have mattered. CC i pay off in full. No plans on getting a loan for anything soon.
 
Nothing to me at the moment. I'm going to pay off my house this year and it's 2.49% interest anyways.

I'm likely going to take out a $50k loan in a few years, but it'll likely be around 7-8% no matter what.
 
Stopsignhank said:
No car or house payment. The only affect it will have for me is the market going down. I am already down enough. 😵
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I keep reminding myself that I've survived 3-4 of these downturns and it always bounces back eventually. The inflation scares me more than anything (which is why I want that interest rate to go up already).
 
I't may delay quite a few folk's retirements. Inflation is the retirement maimer, if not killer. If this interest bump does the needful with the current inflation trend, I will be good with that.
 
Not much. In fact if it does in fact slow down inflation the savings from that will be greater than the effects of higher interest. I have around 10k on my credit line and 52k on my mortgage, mortgage opens in 2023 so I'm safe until at least then. So the 10k would be immediately affected but not the mortgage. If inflation continues to skyrocket it means I have less money to put on the credit line. I'll trade higher interest for less inflation any day.
 
I just put in an order for a camry hybrid. supposed to be ready near end of july. So hopefully rates arnt too bad around then when it shows up.
 
waffleironhead said:
I just put in an order for a camry hybrid. supposed to be ready near end of july. So hopefully rates arnt too bad around then when it shows up.
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Car loans can be refinanced readily without closing costs. It's a secured loan because it's an insured asset, so most lenders don't see them as incredibly risky. Hopefully you can find a financing deal, but if not, continue to shop around. It costs you nothing but time to get a new car loan.
 
Scarpozzi said:
Car loans can be refinanced readily without closing costs. It's a secured loan because it's an insured asset, so most lenders don't see them as incredibly risky. Hopefully you can find a financing deal, but if not, continue to shop around. It costs you nothing but time to get a new car loan.
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Yeah, i did a refi on my other car loans early this year. My work tundra is at .9%, my second tundra is at 1.99%. Every where I look rates are rising. Toyota financial is at 1.75% but ends early july, and my other prefered lender is 2.97% right now. With this upswing, I'm going to have to do some shopping around.
 
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