Did you see big impact from the recent Interest rate change
By staywithpin
@staywithpin (169)
United States
September 27, 2007 10:40pm CST
Recently the financial world is unstable. The interest rate in USA dropped a lot weeks ago,but it increased three time in the past 3 month in China. Nearly everybody is linked to the interest rate as you may have lots of saving in that bank or you may owe the bank lots of money. The only difference is how much you feel the impact.
As for me, now I already have my own house. But at the time when I bought the house, I only paid the minimus of the down pay and I owe the bank big money. I can see a big impact to my life and the way of spending money.
How about you, friends? Are you happy with the interest rate change in your country? Do you have any plan to deal with the next interest rate change in the following years.
3 responses
@williamjisir (22819)
• China
28 Sep 07
I don't think that it is a good thing to have the interest rate increased. I would rather keep the low interest rate because when the interest rate is raised, the loan interest rate is also raised. And we would have to pay more to the bank for loaning money from the bank. I am used to the low interest rate already as I think that we might get more benefit it is low. This is only my personal view. I have no idea what others will say about it.
1 person likes this
@staywithpin (169)
• United States
28 Sep 07
As I also owe lots of money to the bank, I also hope to keep the current interest rate, or even better to cut it. But you know there are many rich guys in the world. Tens of years back, the money a millionare has would suprise you at that time, but now there are lots of billionare, these top wealthy are happy to know the increased interest rate. And actually these top rich have much more influence than us on the policy.
What we can do is just complaining for a while and then have to face the fact.
1 person likes this
@resuab (265)
• United States
29 Sep 07
the interest rate changes have been on my mind lately because i keep an eye on the amount of interest that my banks has for my CD's so when the interest changes my yearly interest changes. also loans and such are also affected. so yea, i would say that if the change is dramatic tehre could definitely be some big impacts (tho i can't say what they are lol)
1 person likes this
@staywithpin (169)
• United States
29 Sep 07
If the interest rate changes significantly all of a sudden, we are both impacted and can realize easily. And the policy for some countries is to change the interest rate at a small amount each time, but the frequence of changing is high. As far as I know, it has changed 4 times this year in China. No idea what's the Chinese think about that.
As the interest rate in USA droppes a lot recenlty. More people will pay less interest to the bank, that's a good news for USA people. But Greenspan predicts the interest rate will skyrocket to two digits in the coming future. Hope that will not happen.
@momincharge (94)
• United States
28 Sep 07
For our family the interest rate has a double effect. Because one of us is employed in the mortgage industry, the interest rate increases cause the number of people getting loans to drop and our income drops. At the same time the interest we pay on money we have borrowed keeps going up. We are in a really bad position. We are simply trying to keep up with the bills we have and pay off some of our debt so that things don't get any worse for us.
1 person likes this
@staywithpin (169)
• United States
28 Sep 07
I am sorry to hear that.The worst case that I can even thought of is to pay more interest to the bank, but you also have a dropped income. That's too bad. Hope you can get better in the near future.
