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Economic experts, however, say that Central Bank's bid to salvage the situation with a interest rate rise of 6.5 percentage points has only worsened the crisis.
My federal loans were consolidated by American Student Assistance, and I have 4 private loans with Sallie Mae, now Navient, 3 with a interest rate of 4.5percentt and one with an interest rate of 4.75percentt.
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In essence, the transaction was a loan with an interest rate of more than 3percentt.
The Federal Reserve surprised few yesterday morning with an interest rate cut of half a percentage point.
The Bank stepped in with an interest rate cut and more electronic money printing.
This time Mr. Romano found a "no cost" 15-year fixed rate mortgage with an interest rate of 6.25percentt.
An interest rate of, say, 7percentt obviously appears more attractive than a mortgage with an interest rate of, say, 7.25percentt.
Mr. Zagoreos got a 15-year mortgage with an interest rate of 3.25 percent.
In September 2011, banks were making mortgages with an interest rate of 4.1 percent.
The new rules would apply extra protection to any mortgage with an interest rate three percentage points above Treasury rates.
A Post Office spokesman says: "All our savings accounts are offered with an interest rate of at least 0.1%.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com