Right time for loan

jhoinsmath

Hey,

with the way that the market is going at the moment, Oil prices going up, the cost of living shooting through the roof, is it a good time to get involved in a personal loan, because the government may drop interest rate to alleviate the pressure that has been placed on families?
Cheers

CLAPTON

no
it's simple really
it's always better to save first and then spend.

LeeSouthEast

How do you propose the rate drops any further than 0.5%? The BoE base rate has virtually no connection to unsecured consumer borrowing anyway. You need only take one look at the 59.9% APR's on some credit cards of late to see that one !

[Deleted User]

jhoinsmath wrote: »

Hey,

with the way that the market is going at the moment, Oil prices going up, the cost of living shooting through the roof, is it a good time to get involved in a personal loan, because the government may drop interest rate to alleviate the pressure that has been placed on families?
Cheers

The cost of living isnt "going thru the roof",interest rates will go up next year,0.5% is as low as they will go this year,and its never a good time to borrow money because it always has to be paid back,and lending rates now bear little relationship to base rates

iolanthe07

government may drop interest rate to alleviate the pressure that has been placed on families?

If you think the government give a stuff about ordinary families, you are sadly deluded.

ILW

I have yet to see what this pressure on ordinary families is. Most are much better off than they were before the recession.

Eric_Pisch

woodbine wrote: »

The cost of living isnt "going thru the roof",interest rates will go up next year,0.5% is as low as they will go this year,and its never a good time to borrow money because it always has to be paid back,and lending rates now bear little relationship to base rates

potentially it will, the pound has been drastically devalued (30% ish) and with the BoE continuing to print money it risks being devalued even more.

since we import just about everything we buy these goods will all go up to balance the reduction of value in sterling, !!!!!! mega inflation. To redress this they can put interests rates up alot to encourage investment in sterling and make it worth more to bring down inflation.

Add to this the 200 bill a year government need to find in raised taxes and cost savings and the next few years are going to be very tough for consumers, either high interest rates, high inflation or a mix of both and a raft of new taxes.

Certainly not a good time to borrow any money you dont have to.