Re: Interest rates to rise..
There is certainly an unfairness in the system, we need rates low enough they don't penalise mortgage holders and high enough they don't discourage savers.Re: Interest rates to rise..
I know it is impossible to please everyone but those of us who have scrimped and saved all our lives and gone without to make sure we have a small amount of savings to cover emergencies after retirement have been severely punished over the last few years.Re: Interest rates to rise..
Re: Interest rates to rise..
I agree about mortgages when we took ours we made sure we could pay it off long before retirement and it would have needed interest rates of 50 or 60% to catch us out. Sadly though like a lot of other people we got caught out when we had to remortgage due to endowments no longer paying out and now older than we wanted to be when our mortgage was originally due to end we are now not earning as we did due to ill health. So hope the low rates carry on a while longer now for us but I know people who genuinely over stretch should not have bought a house at all.Re: Interest rates to rise..
Bruce, when interest rates are so low, it's not worth saving so you might as well spend it and this boosts retail sales figures. Then when your savings are gone you can't spend as much and retail sales fall off again.Re: Interest rates to rise..
Re: Interest rates to rise..
We lost a home in the 80's high interest times so we were very careful this time, as I explained earlier it isn't so simple though with endowments failing. Also back then I am sure wages were going up fairly regularly too we haven't seen a pay rise in many years now and the NMW is only going up to £6.50 so not exactly helpful when other prices are rising so fast.
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