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So close to being out of debt... but not quite.
TheWealth
Posts: 7 Forumite
Hi All,
Over the years since finishing my degree, I've managed to clear two out of three overdrafts (only about £1000 left on the last one) and get rid of a credit card. While that all felt very good, I am concerned as to the chance of a "rate backlash" on my mortgage. I am on a standard variable and have been enjoying the low rates of late - my main questions are (being that I'm unlikely to pay it off without getting a lottery win):
1) Do any of you think that rates are likely to rise sharply in the near future, when consumer lending returns to "normal"? If so/not so, on which basis do you justify your answer?
2) How best could I insulate my liability against a sudden rise? (I appreciate that insulation isn't permanent, just something to buy me some time to evaluate my situation and investigate other avenues of escape!)
While I appreciate this is half off-topic, tending mainly towards not going further into debt, I would be grateful for your thoughts.
Over the years since finishing my degree, I've managed to clear two out of three overdrafts (only about £1000 left on the last one) and get rid of a credit card. While that all felt very good, I am concerned as to the chance of a "rate backlash" on my mortgage. I am on a standard variable and have been enjoying the low rates of late - my main questions are (being that I'm unlikely to pay it off without getting a lottery win):
1) Do any of you think that rates are likely to rise sharply in the near future, when consumer lending returns to "normal"? If so/not so, on which basis do you justify your answer?
2) How best could I insulate my liability against a sudden rise? (I appreciate that insulation isn't permanent, just something to buy me some time to evaluate my situation and investigate other avenues of escape!)
While I appreciate this is half off-topic, tending mainly towards not going further into debt, I would be grateful for your thoughts.
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