Perhaps he is an old fashioned saver type with little or no debt. Remember them? Looks like we are a dying breed now days..Rarely acknowledged,rarely rewarded.
Surely it's better to have a system of interest rates that makes housing affordable to people. You may have saved money, but a lot of people have trouble affording somewhere to live and having low interest rates helps them be able to pay. Interest rates on savings is very nice if you have them, but I see it as being of much less use than people being able to pay for their home. Why should you be rewarded for being well off enough to be able to save money?
I’m not well off neither I was rewarded by anyone nor the bank or the F****K up government. I have been working since I was 15 and saving and investing. I work 7 days a week 12 hrs a day and I pay my tax and I make my money work for me also. Some people just do 1 job and make a big fuss about everything. I have bought my first flat when I was 21 and my house when I was 27. And I’m debt free. IF I CAN DO EVERYONE CAN
Yeah, it's nice if you can do that. But I still maintain that of the two option on interest rates, having them low is of more benefit, even if you, yourself, have managed to save a lot of money. People need to be able to afford where they live. That's a more important priority to me then letting those with plenty of money get even more of it.
If you are a home owner and you have a mortgage then you are indeed saving and investing and should be considered well off! If however,you have a large mortgage and you can just about make the monthly payments at todays low low interests then you are living in a fool`s paradise because when interest rates go up (and they will) you could very likely lose your home. If the thought of an interest rise worries you,perhaps you need to seek financial advice just in case interest rates do go up. Those that can afford to save for a rainy day will fare much better.
The banks are getting out more then the people. And some people save some money then to pay off their debt.
It's not a concern to me. But, overall, I think it is of more use to society to have them low. People need somewhere to live. If interest rates go up, then rents will probably go up too. The problem is probably more to do with house prices than actual interest rates, but even so having low interest rates helps people who need help. high interest rates help people who don't. This is a British obsession. This belief that houses being expensive is a good thing. It's only of any real use to you if you can afford more than one.
I speak to people about their finance in other forum or blogs and sometimes face to face. I like to know how people think and know about their money. Most of them don’t keep a track of their money some of them don’t even know how much balance they have on their card. But then there are people who keep an eye on all the money going in and out. Some of them have mortgages and coz of the interest rates are down they pay less in to the mortgage. (Meeting time will update later)
Artificially low interest rates only cause house prices to rise to unrealistic levels which defeats any idea or plan to create affordable housing. We get TV worldwide commercials here daily on satellite TV advertising UK property for sale. This is because the largest investors of UK property by far are from countries like China,Saudi Arabia etc etc. The UK property market is stuck in a bubble that should have burst 6/7 years ago. This happened because of manipulated interest rates and foreign investors.. If the UK would have had a healthy price correction back then, then there would have been lots of affordable property available for Brits much like there was in the 90`s.
