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Thursday, July 05, 2007

Rate Rise

Be warned today the Bank of England is expected to raise interest rates again, which will of course negatively impact the cost of borrowing for all of those already labouring under mountains of debt.

Last time the MPC narrowly voted 5-4 against raising rates, it is widely expected that the vote today will go the other way.

Those of you who glibly say that people should not get themselves into so much debt int the first place, would do well to remember that the level of house prices that we are now seeing in the UK is unprecedented.

How else are people meant to be able to afford to buy a home now, without taking on an excess level of debt?

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