Cowen must resist spending pressures

Interest rates will go up again this week, the fourth increase since last December.

29th July, 2006

Interest rates will go up again this week, the fourth increase since last December. So far, three increases have had no impact on house sales whatsoever. Figures to be published tomorrow by the Central Bank are expected to show that borrowing to buy houses and for other purposes continues to soar. The ‘‘buy now, pay later’’ culture means that people are willing to take on big loans, often on an interest-only basis, as they strive...

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