I think it's a pretty obvious statement to be honest, rates can hardly go down! But according to the BBC, the CBI have predicted interest rates will rise to 0.75% from 0.5% during the beginning of 2015 as the economy gains momentum. Lets hope people aren't too complacent or over extended by the current level of interest rates, and it will be interesting to see what happens when the inevitable rise happens.
To be honest, it was only a matter of time. Savers have had a tough time over the last 5 years. My only concern would be for those who are already struggling to pay mortgages as they will need to find more money to to keep their homes. It's ok for people to say well maybe they should not have mortgages in the first place, but when they originally applied for a mortgage their circumstances / employment may well have been completely different. Wage rates have been pretty static for years now and I have a feeling that more and more will be relying on the likes of Wonga to see them through up and until they are eventually evicted. Will also be interesting to see if this gives landlords the green light to increase rents. Thanks, Barney |
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