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Thread: Interest Rates now 0.5%

  1. #1
    Regular Member MalcGSI's Avatar
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    Default Interest Rates now 0.5%

    http://news.bbc.co.uk/1/hi/business/7925620.stm

    May as well put the rest of that cash under the Mattress

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    Regular Member Deadman's Avatar
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    ...and Gordon Mugabe fires up the printing press...

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    Regular Member Preey's Avatar
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    good for every one with a tracker Mortgage bad for the rest with a fix rate Mortgage

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    Bad for everyone in the long term. Full stop.

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    Regular Member MLC's Avatar
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    I've just spent the last hour searching interest rates on the web. They're all utterly rubbish (and that's before the latest cut takes effect).

    These idiots are so devoid of ideas,they have no answer other than these desperate tactics. Like others, I'm on a fixed rate, so don't get any benefit whatsoever.

    I like the term 'Quantative easing'. It's a classic Government 'let's confuse the masses' that we actually have nowhere to go, but it sounds like we know what we're doing.

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    great news ive got a tracker now paying 0.68% interest
    but kept my payments the same now over paying on a £50,000 morgage by £150
    will knock years off it at this rate

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    Regular Member SignumPhil's Avatar
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    Trouble is, the banks don't pass it on unless they're obliged by contract.
    Who's got a credit card rate under 10%? Nobody.

    Phil

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    Regular Member 67688c's Avatar
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    Agree...

    The governments policy of spending more to get through this recession is seriously flawed and ultimately will not work.

    Like a family who continue to use credit to pay debts it simply does not work, especially long term, as this recession is destined to be.
    When Labour came into power, I think I read somewhere that every adult and child in the Uk would have to pay £400 to clear the country's deficit.
    According to the Financial Times that figure is now over £30,000 for each individual in the UK. In desperation they are now resorting to print more money, upto 150 billion according to todays paper, and this is just the start. They state this method of kickstarting the economy has never beed tried in the UK before...lol Pathetic. Certainly been tried in Germany and countries like Zimbabwia, start saving your tenna's, your'll need them to buy a loaf of bread the way this country's is heading.

    Common sense dictates that when money is in short supply, interest rates should rise not fall, if business's fail, even banks, they should not be bailed out, especailly to the tune of nearly 2 trillion. Its obvious that this government is totally incapable of running a pis*up in a brewery, they have been totally duped by the banking establishments. The route they have chosen to tackle the recesion is doomed to fail big time, and it will take many decades to rectify (If we ever recover)

    One will always have posts which criticise people who have savings, simply because they have chosen to spend their money instead of saving, or for whatever reason they find themselves in a position where they are unable to save anything.
    Simple fact is without savers, and people who are willing to invest you would have no mortages, Hire purchase or any credit whatsoever, there would be millions of homeless people just for a start.

    Dropping the interest rates to 0.5% is absolutely crazy, what are they going to do when it goes down to 0.0% what will they do then? start charging customers for merely holding their money for them.
    You couldn't make it up..lol, it would be funny, if the inevitable result was not so tragic.

  9. #9
    Regular Member MalcGSI's Avatar
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    Well I'm going to an auction at the end of the month, believe it's a good time to buy a standard 3 bed semi with garage for renting out and selling after ten years.

  10. #10
    Regular Member 67688c's Avatar
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    Quote Originally Posted by MLC View Post
    I've just spent the last hour searching interest rates on the web. They're all utterly rubbish (and that's before the latest cut takes effect).

    These idiots are so devoid of ideas,they have no answer other than these desperate tactics. Like others, I'm on a fixed rate, so don't get any benefit whatsoever.

    I like the term 'Quantative easing'. It's a classic Government 'let's confuse the masses' that we actually have nowhere to go, but it sounds like we know what we're doing.
    I had a couple of Halifax Web Saver accounts which, until last year used to return me just over 3k a year in interest, (helped towards our holidays)I noticed their rate a few days ago was as little as 0.66%. Needless to say in the last 48hrs I've closed both accounts, and am also looking for somewhere that will pay a little return.

    We hold a few K of premuim bonds, and although they too have reduced their prizes, the wife and I have been extremely lucky. Frequently getting 1 or 2 £50 wins most months, but the best year was 2005 when we won a 10k, and 7 £50 wins. Nothing so far this year...lol

    Only thing thats risen in value is gold, last year my wife started buying second hand gold, just small items from people on Ebay, and just wish we had started doing this much sooner. Its the only thing we have bought that's seen a good increase in value, as money gets tighter more people are tending to sell gold jewellery etc on Ebay and other sites. Example.. we bought a gold pocket watch from a boot sale last year for £175, a recent valuation put it at over £700 mainly due to the increase in gold itself.

    Have you found any companies giving a decent return, ? best I've found is around the 3.5% mark, and that was before the rate drop.

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