Interest Rate Rise

[webbo3]

https://www.bbc.co.uk/news/business-62408868

Interest rates rise by 0.5 percentage points to 1.75 per cent and this idiot with load of credit cards and loans is blaming the bank of England for his predicament.

"ondon-based Patrick Reid owes thousands on credit cards and loans and fears an interest rate rise will cost him.

"I have personal loans and credit cards totalling £25,000 so any increase will be hugely noticeable.

"At present I repay around £1,800 a month but I have worked out that I will conservatively need to pay another £250 a month to keep up with the debts.

"My income is good as I own my own business and hopefully that will continue - but if my customers drop off it will be financially painful.

"I will simply have to tighten my belt and be extra cautious in my spending, which means all of those non-essential items will be cut from my budget.

"I'm very worried about future rate rises. I honestly don't think the UK can take another hike. It will cripple the economic outlook and businesses will suffer."

£25,000, yep you read that right, wheres the money gone.?

[david small]

I owe nothing to anyone. If I cannot afford it I go without.

[FatticusInch]

Where’s the money gone?

https://www.theanswerbank.co.uk/News/Question1805492.html

[gulliver1]

Remember the good days when it was 15% and you could live a comfortable good life just on the interest Oh happy days .

[webbo3]

Yes gully, I remember the early 90s when it was 17%, I had a mortgage and nearly lost my house, the residents of a place just outside of Bristol (Bradley stoke) nearly lost all their houses, it was known as sadly broke because everyone was in negative equity.

[cashier]

Same as David small, if I can't afford it I don't buy it. Never had a credit card nor a loan, except for a mortgage.

[bobbinwales]

Fatticus. I know you have points to make and there good points... but its best to save them for when there relevant... the threads about Mr Reid borrowings not goverment covid spending

[FatticusInch]

bobbinwales
//Fatticus. I know you have points to make and there good points... but its best to save them for when there relevant... the threads about Mr Reid borrowings not goverment covid spending//

One of my stalkers is active again, bless him/her.
I believe you’ll find that in the current economic and political climate the two are intrinsically linked i.e. the public see good money thrown after bad to solve problems that invariably never do, however as I reiterated the other day it’s clear from your post that money is best spent on education, edyoukayshun, ejucashun.
I don’t need to say any more.

[ToraToraTora]

gawd elp us, Rambo is off again!

[bobbinwales]

your rude and arrogant fatticus and if your trying to be a social influencer on politics your having the same affect as gulliver - you turn people the other way.
theres a pattern- gulliver is a snob who mocks people for doing lowly jobs like stacking shelves and you mock people for spellings

[roadman]

"I will simply have to tighten my belt and be extra cautious in my spending, which means all of those non-essential items will be cut from my budget."

poor sod

[FatticusInch]

bobbinwales
//your rude and arrogant fatticus and if your trying to be a social influencer on politics your having the same affect as gulliver - you turn people the other way.
theres a pattern- gulliver is a snob who mocks people for doing lowly jobs like stacking shelves and you mock people for spellings//

Well, another poster on here recently inexplicably claimed that the left have a problem with literacy.
Just doing my bit in addressing that for him.

[youngmafbog]

Dont feed the Troll Bobb. As I have said before we all recognise the difference between you and them.

[bobbinwales]

Own goal fatticus... I'm on the left and my literacy is not great....but feel free to be superior and show yourself up a snob and a internet bully and be a disservice to the cause you pretend to support

[FatticusInch]

Well, if you’re gonna stalk me….? Lol.

[tomus42]

To be fair, the man is not an idiot and he's not blaming the bank of England for anything.

He was asked a question by the BBC of how the rate rise would affect him, and he answered - £250 a month more in interest payments, and I'll have to tighten my belt.

[JimF]

Bringing the thread back on topic, more or less, interest rates affect different people in different. For people like the subject of the OP's link, rising interest rates are a nightmare but, for people like me with no mortgage or other debts of any kind but with a decent amount of savings squirrelled away from 40 years or so of working, then rising interest rates are very good news indeed.

That said, the looming thread of stagflation is a concern, and will hammer the less well off.

[Old_Geezer]

Patrick Reid should have had the basic common sense not to overextend his borrowing and make him vulnerable to interest rates returning to more justifiable levels. Loans have been so ridiculously dirt cheap for so long some of the less able minded have come to think it's normal, and they have some kind of right to act foolishly. Take risks, come a cropper.

[schippiegalette]

I owe nothing no mortgae and any cards are paid off at the end of the month. I get 0.5% on savings. In 1991 I was getting £400 per MONTH interest on savings. People were paying around 9% on their mortgages if they were lucky. Now everyone is getting the vapours because the interest rate is going up to 1.75% .

[roopower]

Sounds like the couple who can't afford food to feed the family so they have to live on ready meals.