Why do people think the 80s were a boon? People struggled. Remember mortgage rates were over 15% at points, and averaged around 11%. Sure houses were cheap, because financing was so expensive...
Credit scores weren’t invented until 1989, and student loans didn’t start to get sold to 3rd party’s until the mid-80/ either. Also, inflation was tied to your wage increases until the 80’s too. All changes that wouldn’t be felt majorly for another 5–10 years, well in to the 90’s. You guys might not have been much more rich but you absolutely had way more spending money than we do today
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u/TelephoneNorth8640 15h ago
Why do people think the 80s were a boon? People struggled. Remember mortgage rates were over 15% at points, and averaged around 11%. Sure houses were cheap, because financing was so expensive...