I know the cash rich brigade are enjoying the last twelve to eighteen months of rising interest rates, as their savings are benefitting from fantastic rates, but it’s absolutely strangling the over-indebted population and making it near impossible to get on the first rung of the property ladder.

One of the biggest unknowns at the moment is how many people are using their credit cards just to live. It’s a frightening state of affairs, but I guess it maybe as many as 2 million people who don’t have enough monthly income to pay their bills and their debts are getting bigger and bigger each and every month. This can only go on until people are up to their limits, the interest rate rises of late have just pushed them over the edge - it’s going to be a a very tough christmas on the high street.

The only hope to rescue these people and give them a lifeline is if the interest rate rises over the last twelve to eighteen months are reversed, after all, its simple economics. Most families monthly expenditure has gone up purely because of interest rate rises and they now can’t afford to live - it’s that simple - get the rates back down please Bank of England or reposessions and bankruptcy will be at record levels in 2008.

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