10 YEARS OF RATE RISES, WARNS BANK OF ENGLAND

[dArKeR]

BANK of England governor Mervyn King yesterday warned of a decade of higher interest rates, signalling disaster for borrowers.

He said the "nice decade" was coming to an end and record low interest rates would soon be a thing of the past.

The warning will strike fear into householders who have gone on unprecedented spending sprees and piled up dangerous levels of debt.

Speaking in Leicester, Mr King said: "Will the next 10 years be as nice? That is unlikely. To retain the unrivalled degree of stability we have achieved during the nice decade will be an even more difficult challenge for the future. It is over three-and-a-half years since interest rates were last raised - the longest period since the bank rate was held constant at two per cent through the 1940s."

http://www.mirror.co.uk/news/allnews/content_objectid=13519626_method=full_siteid=50143_headline=-10%2DYEARS%2DOF%2DRATE%2DRISES%2D%2DWARNS%2DBANK%2DOF%2DENGLAND-name_page.html

[truthisfreedom]

1. gosh, does that mean we're next? no, it couldn't be...

could it?

i'm glad i knocked my debt down to nothing and tied in my mortgage to a fixed low rate whle i could. i feel sorry for those people surfing the plastic. i just called up discover and beat the crap out of them, dropping my rate from 19.99 to 9.9, and i have a zero balance to boot. all you have to do is threaten to cut the card up on the phone, and they'll yield. beat 'em up and make 'em jump through hoops. just keep telling them you'll cut the card... they're programmed to go lower and lower.

[Jacobin]

2. Gee, doncha think Snow will warn the American public soon?

:evilgrin:

Our rates will go through the roof soon.

[La_Serpiente]

3. I think that

we're friggin' screwed.

[TahitiNut]

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