mcgillianaire | Central Banks Cut Interest Rates (Reply)

"The Bank of England has cut interest rates by half a percentage point in an effort to steady the faltering global economy. No decision on UK rates had been expected until Thursday - and the move puts the interest rate at 4.5% from 5%. The unprecedented step failed to cheer world stock markets. The last time the Bank of England cut rates in a special meeting was on 18 September 2001 - when rates came down from 5% to 4.75%. In the UK, some mortgage lenders also immediately passed on the rate cut to borrowers - trimming their variable rates." [BBC ARTICLE]

Woohoo! I was so happy when I saw this headline. A couple months ago I took out a loan to finance my law-conversion course and asked for a variable rate. I had no clue if and when rates would be cut, but my dad told me to go for it. Then two nights ago, after seeing how much interest was added into my loan at the end of last month, I was praying for a rates cut sooner rather than later. My prayers have been answered. Maybe God exists...