'Interest rates rise means I owe £250 a month more on loans'

The Bank of England has increased interest rates by half a percentage point - the biggest amount for 27 years.But while it can increase the cost of borrowing, hitting business plans or mortgage hopes, savers may give a small cheer.'I'll have to find another £250 a month to cover my debts'

"I will simply have to tighten my belt and be extra cautious in my spending, which means all of those non-essential items will be cut from my budget. "I'm also repaying some loans, that's about £270 a month. That finishes in April, so I'm looking forward to that. "But we've had to substantially reconsider the amount of money we can borrow. It's meant we're looking at smaller houses which, considering we were wanting to move to start a family, is making us wonder whether we should bother moving at all."Our options are either to stay put where we are or move to something about £200,000 cheaper than we had hoped.

"And as I look further ahead to actually buying a house, I've been worried about rising property prices - they have climbed every month for the last 12 months in a row.

Source: Loan Digest (loandigest.net)

It's so hard for a lot of people - You need a .. * humble * .. Prime Minister who will UNDERSTAND the country's needs .. NOT a hard - divert funds away from deprived areas .. & , PRIGGISH one .. When people are - JUST - Existing .. !

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