What about the others.

[johnofgwent]

I dont think the interest rates are the problem ,6% was a norm during my mortgage paying days until the last few years when they went right down to 3% . The problem is that the banks have allowed people to borrow right up to their limit . I hear x10 their income (someone will know the numbers )
Any substantial rise was always going to be a disaster for many in that boat . I recall when we took out our loan it was x3 my income and x2 the Mrs , interest rate fluctuation was managable even when it peaked at 15% back in the 80's

Debt is now a way of life for many . People leaving uni start their working lives with thousands of pounds worth debt before they have even drawn a wage , housing costs and the cost of living makes saving impossible and the rainy day fund we all had as youngsters is the modern day equivelent of the credit card .

The WEF supposed  prediction of 'You will own nothing and be happy ' may be a stretch but with mounting dept we won't be far off the own nothing bit  in years to come ,though I don't see much joy in it.

The others ?  They will be OK .

The issue is that UK house prices have risen to the point no one can afford them.

Brexit was supposed to cause a huge fleeing of wealthy buggers leading to a tanking in the market. Covid screwed that plan over.

in 1930 a large deposit (25%) and the income of a beer delivery driver secured a 25 year mortgage on a £300 house now worth quite a bit.

compare the prices of houses in that cardiff suburb today with the average pay of one of Eddie Stobart's drivers even after the post brexit dash for salary increases.

[Streetwalker]

I dont think the interest rates are the problem ,6% was a norm during my mortgage paying days until the last few years when they went right down to 3% . The problem is that the banks have allowed people to borrow right up to their limit . I hear x10 their income (someone will know the numbers )
Any substantial rise was always going to be a disaster for many in that boat . I recall when we took out our loan it was x3 my income and x2 the Mrs , interest rate fluctuation was managable even when it peaked at 15% back in the 80's 

Debt is now a way of life for many . People leaving uni start their working lives with thousands of pounds worth debt before they have even drawn a wage , housing costs and the cost of living makes saving impossible and the rainy day fund we all had as youngsters is the modern day equivelent of the credit card .

The WEF supposed  prediction of 'You will own nothing and be happy ' may be a stretch but with mounting dept we won't be far off the own nothing bit  in years to come ,though I don't see much joy in it. 

The others ?  They will be OK .

[Nick]

The fact that everyone is so up in arms about BOE interest rates shows that everyone is up to their eye balls in debt, no one gives a flying fig about savers. 
We're becoming more like the states every day, where the average debt was over $70K 15 years ago.