I thought people learned about compound interest in school…
Nice one, got in a plug!
Seriously though, stuff like this is messed up
Blows my mind that people can drop money like this without having a thorough understanding of where their money is going.
Rollercoaster is full of mentallers in fairness though. I wouldn’t expect much in the way of financial acumen from people who’s standard unit of measurement is a sheet of toilet roll (this is how a lot of them ‘measure’ their bumps). Hate that place. Hate. It.
Probably should tell them to take a trip to Ikea and take away their complementary paper “tape measure”.
Seriously though I’d say about 30% of the country understand mortgage rates. It was probably less than half that in the boom. I listened to the vox pop on Radio 1 yesterday asking people what they understood about Bonds. Not inspiring responses.
Mrs DD finds great entertainment in the anti breast-feeding rages that regularly break out. But to discover the nature of interest and the amount of money a loan will cost over its lifetime after taking it out is really crazy.
Why the rages or why the interest in them? I guess its the former. Ireland has quite low rates of breast feeding and she seems to get some kind of kick out of the self righteousness of the anti BF brigades.
Why the rage?
See post by mrslemon for explanation or just take a trip over there and all will be explained.
Well at least she got her house, that is the most important thing.
That place is something else. Up there with weddingsonline.
I like how Dave’s helpful response to the calculation of interest has a mistake right up front:
This is my favourite;
They are on the right path though, mortgage holders get TRS and non-mortgage holders don’t. Renters get a paltry €400 per annum in tax relief.
They do but it’s only a tax relief on the interest payable and they get it off the payment rather than in their pay packets. It isn’t as if you pay off your mortgage and suddenly your net income goes down as that poster seems to think.
Edit: I take it back though, that wasn’t the worst bit of those threads. The pure bile that some of the posters poured on the few who dared to mention they have already paid their mortgage off was astonishing. "This thread is for imagining having your mortgage paid off, how dare you nasty boasters tell us what it’s really like! "