Credit, Collections & Insolvency News
New Google trends have indicated 400% rise in people searching for ‘interest rate’ according to research by Loan Corp.
The company says that the rise in the search term comes after the Bank of England put it up in August to 1.75% to stop prices rising so fast and to bring down the rate of inflation.
Loan Corp says that people are questioning whether interest rates will rise even further after The Bank of England said they will take the actions necessary to bring inflation down.
Where interest rates go will depend on what happens in the economy and what the Bank of England predicts will happen to the rate of inflation in the coming years. Loan Corp says that the good news is, is that they predict interest rates will not reach the frightening levels that some people have experienced in their lifetime.
There has also been a steady rise and a big peak in August of people searching for mortgages. This is most likely due to the interest rate hugely affecting mortgages, affecting people looking to purchase a new property and those looking to remortgage.
Myles Robinson, co-founder of Loan Corp, said “It is no shock to me that Google searches for “mortgages and “interest rates” have rocketed. The news is all about money and bills at the moment and understandably it is causing a lot of distress for families.”
“The UK is facing a crisis at present but the world continues to spin and people need loans and mortgages to continue living.”