Anyone else worried about the interest rate rise?

Bogof_Babe

earwig wrote:

at least if my oh loses his job the hosing benefit will pay my rent and councill tax and the dss will give us near on two hundred pounds to live on each week which is not a great differance to what we get now once you take your rent and councill tax of makes me wonder why we work

That is a solution for the individual, but not exactly sound strategy for the economy as a whole. I'm not knocking you Earwig for thinking like this, but there will be a tipping point where it becomes unsustainable for those in work to pay their own way plus enough tax to fund those who have fallen on hard times.

I think the only long-term solution is to get the message across to the population that blind consumerism is old news, while consolidation of our individual finances is the future. We all managed perfectly well before Sky TV and mobile phones were invented (yes and home computers, but let's leave that as a last resort ), we had enough clothes but not walk-in wardrobes full, we had one car per family, we didn't change our sofa or our kitchen every time a new one was advertised, our kids played with their friends and used their imaginations, not their PS2's (whatever they are), and the Jones's were only kept up with because if they mowed their lawn on a Sunday, do did we.

Sorry, I seem to be off on a rant and miles from the original point . Please don't despair all of you - in this country it's swings and roundabouts, and thankfully no-one is allowed to starve. If the experts believe the tempo of consumer spending needs cooling down, who are we to doubt their judgement?

earwig

unixgirluk wrote:

do you mean https://www.myhouseprice.com ? It costs £2 to find out what someone's house went for I think.

thankyou i think so but it was free when i done it you just had to register

Pobby

I was thinking Lynz,if I understand it right in your area flats heve gone up in price so I hope you have some equity left after you sell.

dinkylou

I'm not worrying but I'm not exactly thrilled.

I changed my mortgage to a tracker earlier in the year. Maybe not a wise move but at least its still cheaper than it was.

Think there might be alot of people start to suffer because of the rise.

DontDoDebtKids

unixgirluk wrote:

Anyone else worried about the interest rate rise? I was just reading all the analysis on one of the internet news sites as well as some of the comments that had been posted there. Some were genuinely worried people and they were getting heckled from other posters. So just wanted to see what everyone on here thinks of it........Are you worried?

I'm more annoyed :mad: than anything else - I have a BTL so it means less profit for me and I have to decide whether the investment is worth keeping on the amount earned vs. the amount that could be earned if invested elsewhere...

The only thing stopping me selling is that it's a hassle!

lynzpower

Pobby wrote:

I was thinking Lynz,if I understand it right in your area flats heve gone up in price so I hope you have some equity left after you sell.

well the moneys not in the bank yet but if all goes according to plan things will be ok :A

ZTD

davethecue wrote:

I'm not sure when these new rates will hit the statements. Will it be before xmas or after xmas.

If it was a cut, it would be after Christmas... :rolleyes:

davethecue wrote:

I think a lot of people will go under over the xmas/new year period. Not sure of how much but I know everyone's heating/utility bills will be the highest they've ever had. Coupled with higher repayments and the traditional festive overspend I think we will have a lot more new members here in the spring

Yes. I would agree absolutely with that.

earwig

Bogof_Babe wrote:

That is a solution for the individual, but not exactly sound strategy for the economy as a whole. I'm not knocking you Earwig for thinking like this, but there will be a tipping point where it becomes unsustainable for those in work to pay their own way plus enough tax to fund those who have fallen on hard times.

I think the only long-term solution is to get the message across to the population that blind consumerism is old news, while consolidation of our individual finances is the future. We all managed perfectly well before Sky TV and mobile phones were invented (yes and home computers, but let's leave that as a last resort ), we had enough clothes but not walk-in wardrobes full, we had one car per family, we didn't change our sofa or our kitchen every time a new one was advertised, our kids played with their friends and used their imaginations, not their PS2's (whatever they are), and the Jones's were only kept up with because if they mowed their lawn on a Sunday, do did we.

Sorry, I seem to be off on a rant and miles from the original point . Please don't despair all of you - in this country it's swings and roundabouts, and thankfully no-one is allowed to starve. If the experts believe the tempo of consumer spending needs cooling down, who are we to doubt their judgement?

hi i am not saying its the solution it just the worst case for us and the worst case is not that bad for us
we are quite happy to work and have never been on benefits since we left school 20 years ago so iwouldnt feel to guilty if we needed to use the benefit system somtime in the future
i do agree with you about the spending money on things you didnt need though just to keep up with people its just the world we live in now you are made to feel poor if you dont have the lastest phone car hoilday tv psp ect where in fact you are a poor person if you have these things and had to use someones elses money to get them because if you could truley aford these things then you wouldnt of had to use credit to pay for them you would of saved your money up untill you had enough and then brought them like i say it just they way the world works now

climbgirl

Bogof_Babe wrote:

I think the only long-term solution is to get the message across to the population that blind consumerism is old news, while consolidation of our individual finances is the future. We all managed perfectly well before Sky TV and mobile phones were invented (yes and home computers, but let's leave that as a last resort ), we had enough clothes but not walk-in wardrobes full, we had one car per family, we didn't change our sofa or our kitchen every time a new one was advertised, our kids played with their friends and used their imaginations, not their PS2's (whatever they are), and the Jones's were only kept up with because if they mowed their lawn on a Sunday, do did we.

Hear hear.

They're all cheering about it on the savings and investments board, there's a flip side to every situation :rolleyes:

climbgirl

earwig wrote:

i do agree with you about the spending money on things you didnt need though just to keep up with people its just the world we live in now you are made to feel poor if you dont have the lastest phone car hoilday tv psp ect where in fact you are a poor person if you have these things and had to use someones elses money to get them because if you could truley aford these things then you wouldnt of had to use credit to pay for them you would of saved your money up untill you had enough and then brought them like i say it just they way the world works now

Well yeah, but nobody "makes" you feel poor - you only feel poor yourself if you buy into the whole advertising/consumerist cycle. It's pretty simple to opt out and just say no, I don't need that bag/holiday/car whatever.

Anyway, getting off topic!