Taxi Driver Online

Probably both

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http://wingsoverscotland.com/ http://www.newsnetscotland.com/

I would have liked to see a reduction in the credit card rate as well some of them are over 18%

The bank of England do not control credit card rates. They do not even control the rates charged by banks.

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Grandad,
To support my charity text MAYORWALK to 70085 to donate £5

But we do control the rates by choosing cards that have a high or low %.

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IDFIMH

If you can get a choice. A lot of credit card company's are making it harded for people to get new cards and some are cutting the credit limits on existing cards to stop people from spending more money on the cards. Look at what Egg did a few months ago, they withdrew the card use for hundreds of thousands of credit card holders. I think that there will be a lot more of that happening in the near future. Anyone considered by the card issuer to be high risk will have their card facilities withdrawn.

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Grandad,
To support my charity text MAYORWALK to 70085 to donate £5

buy gold, dont trust the banks, withdraw any money you have.

I would like to have seen a 1% drop PLUS a cut in income tax.
This cut is not good news for savers and many people will be unaffected by such a large cut.

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Charlton's lost past http://www.youtube.com/watch?v=jsFKWGlrze0
London's future? http://www.telegraph.co.uk/news/uknews/ ... rants.html

If the rates for borrowers doesn't fall much then the rate for savers won't fall much either.

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Grandad,
To support my charity text MAYORWALK to 70085 to donate £5

expect further cuts in the interest rates by the middle of next year to take us to 1.5% to 2%.

You make valid points, but is there a reason why in a cash business such as ours we need to rely on credit cards?

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IDFIMH

Friday November 7, 04:23 PM
Lenders In Rate Cut Stampede
By Sky News


A flurry of mortgage lenders including the UK's biggest - Halifax - have said they will bepassing on the 1.5% interest rate cut in full to their customers.

Lloyds TSB and Abbey, the first off the mark, were followed earlier by Scottish Widows, Nationwide, RBS and NatWest, making a total of seven.

It comes after Chancellor Alistair Darling renewed his call for banks to drop their mortgage rates "as quickly as possible".

Mr Darling made the plea at a breakfast meeting with banking chiefs at the Treasury.

Gordon Brown has welcomed the banks' decision to pass the rate cut on to their customers.

Speaking in Brussels, the Prime Minister said: "Yesterday, we saw decisive action on interest rates from the Bank of England and the European Central Bank.

"I welcome the fact that a number of British banks have now decided to pass on the interest rate cut to customers, to families and to businesses."

Pressure has been growing on lenders since The Bank of England unexpectedly slashed the base rate by 1.5% to 3% - its lowest level in 53 years.

Hopes the cut would be passed on rose with the news that Libor - the interbank lending rate - had fallen to its lowest level in four years.


So far seven lenders have said their customers will enjoy the full benefit of the cut - LLoyds TSB, Abbey, Scottish Widows, the UK's biggest building society Nationwide, RBS, Natwest and Halifax.

HSBC and Barclays are among those who have yet to make an announcement.

Analysts said the matter had been complicated by Libor remaining stubbornly high.

However, the key three-month rate is now down to 4.49% - the lowest since May 2004.

After the rate cut, around 30 lenders pulled their tracker loans, which automatically move up and down in line with the base rate.


Jonathan Davis, director of financial advisors Armstrong Davis, said: "What you have to remember is the banks nationally and globally have lost hundreds of billions, if not trillions, of pounds.

"Most of the banks will cut their variable rates but I'm not sure if they are going to cut them the whole 1.5%."

Among the 30 who withdrew their tracker deals yesterday were Halifax, Nationwide, Abbey, Barclays' lending arm the Woolwich and Lloyds TSB.

A number of other lenders had previously increased their tracker rates by up to 0.8% ahead of the rate cut.

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http://wingsoverscotland.com/ http://www.newsnetscotland.com/

What I can't understand is why the banks don't realize they will lose more if they don't pass the reduction on, and that causes folks to lose their homes.

Surely it must be better for the banks to ensure folks stay in their homes, rather than the banks having to lose 1000s in arrears and having to fire sell homes in a depreciating market.

Or have I missed something?

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IDFIMH

a wise man told me a long time ago

TAKE cash, SPEND on credit (whilst avoiding charges)

what hacks me of is the wife pays her CC off in full each month and STILL gets a charge added

Try changing her credit card mate, i pay no fee's if paid on time in full each month, plus get cash-back on every penny spent on it each month.

Better still, try changing her.

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IDFIMH