At first they seemed like a sure cure. But those tempting low interest rates that Washington has engineered to boost the U.S. economy have started cutting both ways. They have been a boon for hundreds of thousands of homeowners who have rushed to refinance their mortgages at rates not seen since 1977. "It was definitely like finding money," says Michael Meyers, 41, a Chicago advertising-agency owner who swapped his 10.75% mortgage recently for one with a rate of just 8.5%.
Yet the same low rates have been the bane of savers -- particularly senior citizens -- who have watched their income...
To continue reading:
or
Log-In
