Julia Carpenter

speaker

3,850 appearances 71 recordings 1 series first heard Oct 2019 last heard Sep 2024

Julia Carpenter’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · The Importance of Interest Rates in Paying Down Your Debt · 14 Jan 2024 podcast

The other thing about something like mortgage debt is that because it's a fixed interest rate, you are guaranteeing consistency. voice-verified

Something I talk a lot about with my friends is that paying rent right now, I am not guaranteed that in the next two years my landlord won't jump up my rent. voice-verified

But I am guaranteed if I have a mortgage that I will be paying at the same interest rate for 15 years or 30 years. voice-verified

Can I afford this is a tricky question because a lot of people think about it in terms of what they have access to. voice-verified

Can I afford this? voice-verified

Well, I have three credit cards and I have a debit card and I have $20 in my wallet. voice-verified

I can totally afford this. voice-verified

But instead, think about can I afford this in my greater picture? voice-verified

How much debt are you taking on to afford this? voice-verified

What does this add to my payment that I'm going to be making on the credit card at the end of the month? voice-verified

there's two points I want to make right away. voice-verified

One is that interest is the money that you pay to borrow money. voice-verified

So think about that number as the number that you will be paying throughout the life of the loan. voice-verified

The second point I want to make is that there's a spectrum here. voice-verified

There's low interest loans, high interest loans, and very, very high interest loans, and different loan products fall into each of these categories. voice-verified

So take low interest loans. voice-verified

That's something that's going to be under 10%. voice-verified

That's something like federal student loans. voice-verified

Right now, mortgage rates are around 7%. voice-verified

High interest loans, that's something between 10% to 30%. voice-verified

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