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| I remember the jump in interest rates very well. I had fianced a new combine at 10% . I went in at the end of the first year to make the payment & was shocked when the loan officer told me the new rate would be 18%. I hadn't read the loan papers close enough & thought I had a 5 year fixed rate loan but turns out it was a 5 yr note renewable annually.
Luckily I didn't have alot financed & was able to pay off the loan after a couple years but it was an eye opener. I learned then & there to read all the "fine print" before signing anything
It was also about that time that land jumped into the high $3,000s an ac re here fron under $$2,000 / ac. I knew several guys, even had a relative, who got caught owing large amounts of money on land & machinery and ended up filing bankruptcy. | |
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