Eli5: why are interest rates now considered worse than higher interest rates of decades ago?

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I am surrounded by boomers saying this that in their day interest rates were at 15% and we have it easy! I’m also surrounded by the younger generations saying this is ‘not the same thing’

Explain to me the reasoning…

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My mum told me that too, and then she admitted that she had 8% interests on her bank account. Just different times and a different economy

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