Results from a recent Carrick on Money survey highlight the two-pronged effect of higher interest rates: some people suffer, while others see a windfall
The emphasis when reporting on high interest rates is usually put on borrowers rather than savers, and that’s a correct approach.
In a recent Carrick on Money survey, just over 50 per cent of the 2,148 participants described the impact of higher rates as catastrophic, harsh but manageable or mildly negative. Seventeen per cent said high rates had a neutral effect on their finances, while 31 per cent said high rates had either a mildly positive or quite good effect.The survey results highlight the two-pronged effect of higher rates. Some people suffer, others see a windfall.
Comments from survey participants with debts attest to the pain of rising rates for borrowers. Here’s a sample:
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