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No interest?
According to Jonathon Loynes, chief European economist at Capital Economics, the Bank of England’s monetary policy committee could reduce the interest rate to 0% in the near future. He claims there are no insurmountable technical obstacles to this.
The government has set 2% as the target inflation rate and it reached 4.1% last month so there is some incentive to keep dropping the interest rate.
Sadly the continued drops in the interest rate have not been reflected in the rate for personal loans which has tended to rise as loans become scarcer.
December 24, 2008 at 4:50 pm | personal loan | No comment
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It’s the bank statement, shall I open it or will you?
I don’t want to worry you but, as a nation, we owe £1,500,000,000,000. If you want to speak it, its one and a half trillion pounds – try it, it’s very scary.
What’s worse, it doesn’t look as though we can pay it back based on growing repossessions and missed mortgage payments. The average household in the UK with personal, unsecured debt, such as personal loans or credit cards, owes £22,190. If you include mortgages, the average household debt is £59,715.
Just focusing on Gordon Brown’s bail outs, which amount to some £500,000,000,000, reveals that we are paying about £8,000 each to rescue the banking system. You can’t help asking yourself, ‘Would they have done that for me?’
£20,000,000,000 of the bail-out money has gone directly to the Royal Bank of Scotland – which made a net profit of £7.5 billion in 2007. Mmmm. You know that advice about not getting yourself into debt beyond your means to repay and also the sound principle of putting money away in the good times against possible adversity?…
If all this depresses you, look at it another way. That personal loan you took out to buy yourself a nice new car is only a pittance compared to the debt mess Gordon Brown is in, and he’s an experienced chancellor of the exchequer and a very, very prudent man. What chance have you got if he can’t manage his finances?
December 23, 2008 at 11:16 am | personal loan | No comment
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On the Street where you (probably) don’t live
The Times Online has published the 10 most expensive streets in England and Wales. Whilst most of us might be struggling to get a mortgage, worrying about negative equity or our creditworthiness for a personal loan, it’s unlikely that residents in these streets will have such worries:-
NORTH: Runnymede Road, Newcastle Upon Tyne. Average price: £1,135,625 (Alan Shearer and Kieron Dyer have lived here)
YORKSHIRE & THE HUMBER: Kent Road, Harrogate. Average Price: £1,173,373 (Attracts wealthy families as well as premiership footballers. Buyers will wait years for the right house on this road to come up for sale)
NORTH WEST: Congleton Road, Alderley Edge. Average price: £1,684,166 ( Home to Cristiano Ronaldo and Peter Crouch, it is the haunt of many premiership football players, pop stars and Coronation Street actors)
EAST MIDLANDS: Beeston Fields Drive, Nottingham. Average price: £972,214 (Owners tend to be entrepreneurs, sport agents and CEOs. Jane Torvill, the ice skater, bought a house here after winning her Olympic gold medal).
WEST MIDLANDS: Wellington Road, Birmingham. Average price: £945,500
EAST ANGLIA: Brooklands Avenue, Cambridge. Average price: £940,714
SOUTH WEST: Panorama Road, Poole. Average price: £4,158,333 (This is a road of two halves – on one side lie mansions with a harbour view, whilst the other side has smaller houses and apartments with no view. Harry Redknapp, manager of Tottenham Hotspur football club, has lived here.)
SOUTH EAST: East Road, Weybridge. Average price: £2,805,000 (John Lennon, Cliff Richard and Tom Jones have all lived here, and it has its own tennis and golf club.)
GREATER LONDON: The Vale, Kensington and Chelsea. Average price: £4,677,500
WALES: Llantrithyd Road, Vale of Glamorgan. Average price: £752,083
December 21, 2008 at 8:28 pm | Home Equity Loan, personal loan | No comment
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In tough times, who you gonna call?
There is no doubt that it is not so easy to get a loan these days. Even a few months ago lenders were falling over themselves to offer you quite amazing amounts at relatively low interest. Now the rates are significantly higher and many loan companies are simply trying to avoid lending.
This is the time to look for help if you need a loan. Let someone who understands the market search out the best deal for you. You may be surprised at the terms that can still be achieved. One of the easiest ways to do this is to use the services of personalloansmadeeasy.co.uk. All you do is fill out a simple online form and they will do all the work for you – and it’s FREE!
If you’re looking for a home loan, car loan, holiday loan, commercial loan, secured loan or a consolidation loan, they are truly useful (if you want to chat you can call them on 08844 560 7703)
They will find you a professional loans company that can help you get the loan you need for any purpose, even if the high street banks have turned you down. And if you’ve had credit problems in the past, or have no proof of income they can still help.
In tough times like these it makes a lot of sense to get experts on your side and working for you. Give them a try – there’s no commitment and no charge.
December 20, 2008 at 11:30 pm | personal loan | No comment
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Financial advice from those nearest to God?
As net borrowing soared to £16 billion in November and the Government hurls more and more cash back at us with instructions to spend, spend, spend, the Archbishop of Canterbury questioned whether increased spending was the right way to tackle the downturn – he said it was like “the addict returning to the drug”
So now we have not only German Finance Ministers telling Gordon he’s wrong but also the head of the Church of England. Whatever next – a British Prime Minister who is as comfortable speaking from the pulpit as he is from the despatch box in the House of Commons?
To be fair to Dr Rowan Williams, two years ago the chances of dour, tight-fisted Chancellor Gordon crop-spraying recklessly borrowed cash across the population and yelling at us to spend it NOW were as likely as Scrooge presenting a life-size turkey to Tiny Tim. It just somehow doesn’t feel right does it? You have an uneasy feeling about it. As if Gordon’s scruples and morals might have been jettisoned in favour of cultivating the hero worship of the world he is saving.
Cue the highly moral Dr Williams.
The archbishop told BBC Radio 4′s Today programme that the country had been “going in the wrong direction” for decades by relying on financial speculation to generate wealth quickly rather than “making things”. The downturn, he added, might force people to rediscover the need for patience if they want to build sustainable wealth.
Mmmm…don’t recall the archbishop actively opposing this kind of wealth generation before it all went wrong (but I may have missed it). And you have to ask how much he knows about drug addiction, or getting a mortgage, paying bills etc etc.
So whilst it’s nice to watch the comfortably-off debate concepts of Keynesianism and morality, we lesser mortals must focus on meeting the financial costs of the religious festival traditions whilst , at the same time , fending off our regular creditors. Neither the archbishop’s ‘patience’ nor Gordon’s 2.5% VAT cut is likely to help us in the here and now – but a personal loan wouldn’t go amiss.
December 18, 2008 at 6:51 pm | Loans General Info, personal loan | No comment
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