I got a letter from my bank the other day saying my mortgage rate was about to go up to over 7%, but I just laughed and binned it. I was able to get a 2 year rate of 4.25% with HSBC, so I won't be paying that ridiculous rate
I think as time goes on people will start to notice a change in spending in areas such as shopping, nights out, holidays and petrol. I think the country is in for a belt tightening exercise for a while and sadly I fear that there may also be a few job losses in some industries along the way. Let's hope I'm wrong.
Look back at this thread in 12 months time and see if anything has changed for the better or worse.