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

Question

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…

In: 233

Answer 1

Much harder to make money today due to monopolies like Amazon.

So people rely on loans.

So basically, hyper efficiency in the market leads us to rely on credit – and when credit becomes more expensive, people really feel it.