When new cars cost $5,000 consumers took our two or three year car loans. Now they are commonly a five to seven year commitment. Likewise mortgages, which, four decades ago were amortized over 20 years, then 25 years, and now commonly 30 years, may soon have a new standard: 40 year home loans . After...
Not so very long ago a car loan was usually taken out for two years and a mortgage for 20 years. OK, it was in the 1960s, but, honest, for some of us that was just yesterday. Then car loans went to three years, to four, then to five and mortgages to a standard of 25 years for a very short time in the...