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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWhy are interest rates for Lines of Credit still at 5.75%?
And that would be secured with a fully paid off house. That is low risk for the bank / credit union.
We are thinking of taking out a loan to help our daughter and her partner pay off their house as both have no income right now after business closures due to the virus.
We won't take out a loan while the Fed is giving these banks money for no interest.
This crisis is going to take down many people who live paycheck to paycheck.
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Why are interest rates for Lines of Credit still at 5.75%? (Original Post)
BSdetect
Mar 2020
OP
MoonlitKnight
(1,584 posts)1. Because the lenders are overwhelmed
And trying to tamp down demand.
Hoyt
(54,770 posts)2. Because they don't know how many people will be unemployed, etc. They probably aren't even sure what
that house is worth at this time.
What houses were worth a month ago are now the good ole days. It's going to hurt everyone.
customerserviceguy
(25,183 posts)3. Greed. n/t
durablend
(7,464 posts)4. If anything interest rates are going to go up
Way too risky for banks to loan money to anyone that doesn't have A++++ credit.
You're going to see credit card companies tightening down too.