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Author Topic: Interest rates now 0.5%  (Read 2220 times)

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Dusty

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Interest rates now 0.5%
« on: 05 March 2009, 13:53:52 »
Mr Dusty and I are pleased about this,so long as it is passed on by the banks.
Savers less so ,no doubt. :-* :-* :-* :-*
« Last Edit: 05 March 2009, 13:54:11 by Dusty7 »
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Lazydocker

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Re: Interest rates now 0.5%
« Reply #1 on: 05 March 2009, 13:55:34 »
Yep... Just checked this myself.

Good news for me but I feel sorry for those who have savings as before long it'll be better left in a tin under the bed :o :o :o
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Marks DTM Calib

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Re: Interest rates now 0.5%
« Reply #2 on: 05 March 2009, 14:19:07 »
Lol, bad news for everybody....the costs of all imported goods and fuel will rise again as the pound sinks lower against the dollar and euro again.....

.....no foreign holiday for me this year!

Its a desperate attempt which will, yet again, achieve jack all.
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HolyCount

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Re: Interest rates now 0.5%
« Reply #3 on: 05 March 2009, 14:26:32 »
Lowering interest rates to encourage spending is just a repeat of what got us into this state in the first place. Simplistically, if lower interest makes you spend more -- probably on credit --- when they go back up ( and they will) borrowers can't meet repayments and it all starts again !!!!
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Dusty

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Re: Interest rates now 0.5%
« Reply #4 on: 05 March 2009, 14:30:08 »
Quote
Lowering interest rates to encourage spending is just a repeat of what got us into this state in the first place. Simplistically, if lower interest makes you spend more -- probably on credit --- when they go back up ( and they will) borrowers can't meet repayments and it all starts again !!!!

You are correct HC,in the long term.
But in the short term it may be a necessary evil to get people spending again. :-* :-* :-* :-*
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HolyCount

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Re: Interest rates now 0.5%
« Reply #5 on: 05 March 2009, 14:33:36 »
Quote
Quote
Lowering interest rates to encourage spending is just a repeat of what got us into this state in the first place. Simplistically, if lower interest makes you spend more -- probably on credit --- when they go back up ( and they will) borrowers can't meet repayments and it all starts again !!!!

You are correct HC,in the long term.
But in the short term it may be a necessary evil to get people spending again. :-* :-* :-* :-*

Quite possibly -- but what we need is confidence. And reigning in the banks and bankers will go a long way towards that. I guess we need more controls over the finance industry and less likleyhood of getting more "Fred the Shreds" foisted upon the taxpayer.
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ians

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Re: Interest rates now 0.5%
« Reply #6 on: 05 March 2009, 14:40:13 »
So hands up who will buy something now that they would not have done last week?  I don't think credit card interest has gone down at all has it?  It will make break all positive difference as far as I can see.
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Dusty

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Re: Interest rates now 0.5%
« Reply #7 on: 05 March 2009, 14:40:19 »
Quote
Quote
Quote
Lowering interest rates to encourage spending is just a repeat of what got us into this state in the first place. Simplistically, if lower interest makes you spend more -- probably on credit --- when they go back up ( and they will) borrowers can't meet repayments and it all starts again !!!!

You are correct HC,in the long term.
But in the short term it may be a necessary evil to get people spending again. :-* :-* :-* :-*

Quite possibly -- but what we need is confidence. And reigning in the banks and bankers will go a long way towards that. I guess we need more controls over the finance industry and less likleyhood of getting more "Fred the Shreds" foisted upon the taxpayer.

Agreed HC.
But best not to get me started on the inept,incompetent ,greedy Fred the Shred.Hanging is too good for him. :-/ :-* :-* :-* :-* :-*
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Lizzie_Zoom

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Re: Interest rates now 0.5%
« Reply #8 on: 05 March 2009, 14:40:56 »
I do feel a bit sorry for the savers, but there again did they feel sorry for us when, as a young struggling couple starting out with our first mortgage,  were paying a huge amount in repayments with interest rates rising up to 15% at one stage?

No, they got richer as my family struggled wondering how we were going to pay the next bill! ::) ::) ::)

So, things go up and they go down, and overall we are all suffering now together! :'( :'(
« Last Edit: 05 March 2009, 14:41:24 by Lizzie_Zoom »
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Field Marshal Dr. Opti

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Re: Interest rates now 0.5%
« Reply #9 on: 05 March 2009, 14:48:27 »
Quote
I do feel a bit sorry for the savers, but there again did they feel sorry for us when, as a young struggling couple starting out with our first mortgage,  were paying a huge amount in repayments with interest rates rising up to 15% at one stage?No, they got richer as my family struggled wondering how we were going to pay the next bill! ::) ::) ::)

So, things go up and they go down, and overall we are all suffering now together! :'( :'(


Well said Lizzie .....................and the answer is NO THEY DID NOT.
We actually paid 16.5 % on our first mortgage (15% plus 1.5% extra.......as it was a 100% mortgage).

I do not recall the savers on about 12% ............at that time .................saying to me................here.......let me help you out with that very expensive mortgage you have. :y :y :y :y
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Kevin Wood

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Re: Interest rates now 0.5%
« Reply #10 on: 05 March 2009, 14:50:45 »
I think I'll invest my savings in a fleet of 3.2 Elites. Maybe it won't depreciate as fast then. >:(

Kevin
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HolyCount

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Re: Interest rates now 0.5%
« Reply #11 on: 05 March 2009, 15:13:00 »
Quote
So hands up who will buy something now that they would not have done last week?  I don't think credit card interest has gone down at all has it?  It will make break all positive difference as far as I can see.

Credit cards are a different beastie altogether ---- very rarely ( if at all) will you see the rate go down on those !!!!!  Mind you -- if the government want to prod up spending power, forcing the CC rate down would help -- but, as said above, only in the short term !!!
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Marks DTM Calib

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Re: Interest rates now 0.5%
« Reply #12 on: 05 March 2009, 15:19:03 »
Its a desperate approach which yet again will yield jack all.

I keep paying my mortgage at the old rate so will be clearing the debt a bit quicker, you would need to be mad to just send the (little) saved every month on the high street.

And lets be honest, if the amount you save following these cuts is the difference between keeping or loosing your property then your already in deep shite anyway!
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Andy B

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Re: Interest rates now 0.5%
« Reply #13 on: 05 March 2009, 15:23:33 »
Quote
Quote
I do feel a bit sorry for the savers, but there again did they feel sorry for us when, as a young struggling couple starting out with our first mortgage,  were paying a huge amount in repayments with interest rates rising up to 15% at one stage?No, they got richer as my family struggled wondering how we were going to pay the next bill! ::) ::) ::)

So, things go up and they go down, and overall we are all suffering now together! :'( :'(


Well said Lizzie .....................and the answer is NO THEY DID NOT.
We actually paid 16.5 % on our first mortgage (15% plus 1.5% extra.......as it was a 100% mortgage).

I do not recall the savers on about 12% ............at that time .................saying to me................here.......let me help you out with that very expensive mortgage you have. :y :y :y :y

IIRC correctly interest rates went to 15%-ish in the very early 90's I can remember paying around £450 a month back then on  my little piddling £22500 mortgage.
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Dusty

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Re: Interest rates now 0.5%
« Reply #14 on: 05 March 2009, 15:28:12 »
Quote
Its a desperate approach which yet again will yield jack all.

I keep paying my mortgage at the old rate so will be clearing the debt a bit quicker, you would need to be mad to just send the (little) saved every month on the high street.

And lets be honest, if the amount you save following these cuts is the difference between keeping or loosing your property then your already in deep shite anyway!

Mark,with the difference between 0.5%and 1% ,I would agree with you.
But remember Interest rates were at 5% only last October.That is a sgnificant drop.
About £400 each month in our case ,nearly £5000 peryear. :-* :-* :-*
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