most loans were taken out at higher interest rates than the current
so were they oppressive when the loan was taken out?
if you were all in cash now, the current low rates would seem oppressive - because they are
that's why consumer confidence is rising amongst mortgage holders and falling amongst non mortgage holders as IR rates fall
unfortunately that means the non mortgage holders will spend more time saving up their pennies whilst RE prices continue to fall, re-enforcing the deflationary feedback loop
