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pcernie
Legend
Joined: Sun Apr 26, 2009 12:30 pm
Posts: 45931
Location: Belfast
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_________________Plain English advice on everything money, purchase and service related:
http://www.moneysavingexpert.com/
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| Tue May 22, 2012 9:49 pm |
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jonbwfc
What's a life?
Joined: Thu Apr 23, 2009 7:26 pm
Posts: 17040
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Jeez, if they cut the interest rate any more they'll be paying US money.
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| Tue May 22, 2012 10:51 pm |
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Linux_User
I haven't seen my friends in so long
Joined: Tue May 05, 2009 3:29 pm
Posts: 7173
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The lady Osborne is not for turning.
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| Tue May 22, 2012 11:02 pm |
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l3v1ck
What's a life?
Joined: Fri Apr 24, 2009 10:21 am
Posts: 12700
Location: The Right Side of the Pennines (metaphorically & geographically)
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Not rates left to cut -> quantitive easing -> very low annuities for those just retiring -> shafter pensioners.
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| Tue May 22, 2012 11:36 pm |
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Linux_User
I haven't seen my friends in so long
Joined: Tue May 05, 2009 3:29 pm
Posts: 7173
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Lower economic output + weak economy + weak recovery = shafted everyone, including pensioners.
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| Wed May 23, 2012 12:04 am |
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l3v1ck
What's a life?
Joined: Fri Apr 24, 2009 10:21 am
Posts: 12700
Location: The Right Side of the Pennines (metaphorically & geographically)
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But annuities are set for life. Once you've been given a crap one your stuck with it until you die.
The rest of us only get shafted in the short term.
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| Wed May 23, 2012 6:45 am |
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paulzolo
What's a life?
Joined: Thu Apr 23, 2009 6:27 pm
Posts: 12251
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Interest rates are at 0.5% last time I looked. If they drop any lower, then they will be so close to 0% that it’s idiotic. Now would clearly be a good time to take out a business loan.
The concern is that they could (and it’s theoretical - but possible) drop interest rates into negative figures. That will mean that anyone with savings would start to be charged for holding on to them. I can’t imagine that happening - there’d be people queuing up to take their savings out. But right now, as someone with a reasonable chunk of savings himself - I’m seeing bugger all interest being paid on it right now, and I wonder why I bother sometimes.
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| Wed May 23, 2012 8:36 am |
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mikepgood
Doesn't have much of a life
Joined: Thu Apr 23, 2009 6:23 pm
Posts: 710
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Perhaps it might be more sense to put in controls on credit card rates and makeit compulsory to repay a reasonable percentage each month. Some cards are 20%+ annual interest and only pay off 2.5/3% each month. Would take forever.
Perhaps make it 1%intertest per month max and pay off 5%
_________________
No Apples were used in the making of this post.
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| Wed May 23, 2012 9:20 am |
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paulzolo
What's a life?
Joined: Thu Apr 23, 2009 6:27 pm
Posts: 12251
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And store cards. Some have a phenomenal APR when compared to credit cards.
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| Wed May 23, 2012 9:41 am |
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mikepgood
Doesn't have much of a life
Joined: Thu Apr 23, 2009 6:23 pm
Posts: 710
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Do we mention payday loans?
1200% APR
_________________
No Apples were used in the making of this post.
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| Wed May 23, 2012 2:02 pm |
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l3v1ck
What's a life?
Joined: Fri Apr 24, 2009 10:21 am
Posts: 12700
Location: The Right Side of the Pennines (metaphorically & geographically)
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I've seen some adverts for ones over 3000%. 
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| Wed May 23, 2012 7:30 pm |
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MrStevenRogers
Spends far too much time on here
Joined: Fri Apr 24, 2009 9:44 pm
Posts: 4860
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i wonder if this means that banks have run out of capital to pay any sort of interest on invested money ...
_________________
Hope this helps . . . Steve ...
Nothing known travels faster than light, except bad news ...
HP Pavilion 24" AiO. Ryzen7u. 32GB/1TB M2. Windows 11 Home ...
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| Wed May 23, 2012 8:47 pm |
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Linux_User
I haven't seen my friends in so long
Joined: Tue May 05, 2009 3:29 pm
Posts: 7173
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So we should screw everyone to help those few retiring this year?
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| Wed May 23, 2012 9:24 pm |
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l3v1ck
What's a life?
Joined: Fri Apr 24, 2009 10:21 am
Posts: 12700
Location: The Right Side of the Pennines (metaphorically & geographically)
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No, but you can't condemn them to poverty just to make it a tad easier for everyone else.
If the government want to help, they should stop taking about making banks lend the money they've been given by the BoE and actually make them lend the money.
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| Thu May 24, 2012 7:18 am |
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jonbwfc
What's a life?
Joined: Thu Apr 23, 2009 7:26 pm
Posts: 17040
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That's one end of the argument, the other end being 'the needs of the many outweigh the needs of the few'. I have no idea which is more ethical. Jon
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| Thu May 24, 2012 10:05 am |
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