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Should the Bank of England hike interest rates?
snoekie
Posted: 24 June 2010 15:29:15(UTC)
#11

Joined: 26/08/2008(UTC)
Posts: 132

The borrowers are living off the savings of others, and that has been the main complaint in another area, the scroungers living off the sweat of honest toil of others, and reckoning that it is their right to do so. I say no.

The borrowers had a choice, and took a risk, whereas the savers are also taking a risk, but with a view to save them having to apply for benefit.

No, interest rates should go up, and as we make it uncomfortable for benefit scroungers, we should make it uncomfortable for the high end borrowers and encourage them off the debt teat to allow them to live within their means and reduce their debt accordingly.

Interesting, the level of scroungers/workers is roughly in the same ratio to debtors to savers, and it is unfair on the majority.
snoekie
Posted: 24 June 2010 15:35:04(UTC)
#12

Joined: 26/08/2008(UTC)
Posts: 132

BTW, as a PS, many savers are also borrowers, on mortgages, or were, but nevertheless managed their affairs sensibly.

Why should the majority have to carry them? A number of the comments made appear to be suggesting that because a few have hurled themselves off the cliff, we should rush to the bottom and provide a cushion for them with our bodies (savings).

Why should I do that when I have foregone luxuries to provide for an easier twilight years?
Crazy Fists
Posted: 28 June 2010 15:47:17(UTC)
#13

Joined: 02/09/2009(UTC)
Posts: 4

I have savings. I have a mortgage too. Like most people my mortgage is higher than my tiny little pot. I have not lived beyond my means during the economic explosion, and the credit boom. Infact the only debt I have is my mortgage. While I understand that savers feel hard-done-by, I do too. I am a little bitter that I have to contribute to recover the poor state of the economy caused by the reckless spending habits of others. Then on the other hand we have the banks. For those calling for the BoE to increase interest rates, do you really expect the retail banks to follow suit of savings rates? Interest rates for sure.
True the banks again.......Not me!
The greatest good for the greatest number is low interest rates for the mean time
Richard N
Posted: 01 July 2010 10:10:31(UTC)
#14

Joined: 30/06/2010(UTC)
Posts: 3

I am not a saver (how can I?!!) however, I do not see why savers should pay for a disaster that has been caused by excessive borrowing - time for those with too much debt to start paying I am afraid. Then perhaps property will become affordable..
Jon Gallagher
Posted: 12 August 2010 13:44:36(UTC)
#15

Joined: 01/08/2010(UTC)
Posts: 91

If interest rates go up then mortgages go up and people stop spending and others lose their home - wheres the sense of that just for the greed of the savers of this country - ure getting the interest for nothing. The good times are over so get used to it and if no one borrowed and paid interest on the borrowings, where on earth would the money come from to pay savers the interest rates they demand. Those of you who have said you have no debts and have not borrowed anything but the mortgage must have a good income. It is often the case that i need to put bills on credit card if they 2 of them in the same month as i cannot, pay both due to the high interest rate against my fixed rate mortgage, and i dont have an annual holiday or active social life either. Keep interest rates low for another few years - i am sure the savers can wait.
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