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.
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.
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.
Yeah they talk like there’s a massive number of dangerous criminals who want nothing more than to kill cops out of pure evil and desire for chaos that are just hiding among the everyday population. I’ve had cops refuse to respect that I’m panicking during a traffic stop because I have an anxiety disorder and just keep asking with increasing intensity why I’m scared. And like I’m not going to tell them it’s because an armed lunatic is asking me why I’m scared.
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.
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.
Good thought, and I absolutely have.
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.
Our cops will fucking kill us
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Yeah they talk like there’s a massive number of dangerous criminals who want nothing more than to kill cops out of pure evil and desire for chaos that are just hiding among the everyday population. I’ve had cops refuse to respect that I’m panicking during a traffic stop because I have an anxiety disorder and just keep asking with increasing intensity why I’m scared. And like I’m not going to tell them it’s because an armed lunatic is asking me why I’m scared.
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.
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.