The Bank of England has kept rates at a record low of 0.5% for the 83rd month in a row.

Homeowners and others with a lot of debt will be rejoicing at the unanimous 9-0 decision by the BoE’s rate setting panel — the Monetary Policy Committee — to keep rates low.

This is because low interest rates help those in debt to make repayments and boosts the amount of money in people’s pockets. It ultimately stimulates the economy because it lowers the cost of borrowing.

But this is a short term blessing for homeowners, which have a huge debt pile in read more >>>

Source : BusinessInsider.Com