If interest rates were reduced by 1% in the morning - what would you use the money for?

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gnf_ireland

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If the fair mortgage campaign was successful tomorrow morning and banks reduced interest rates by 1% for all customers, what would you do with the extra money, both immediately and in the medium term

would you:
(a) spend it like there is no tomorrow
(b) spend it for the first month or two and then save for education/rainy day fund
(c) increase/start pension contributions
(d) I struggle day to day as it is, so would just reduce that burden on us
(e) I am in arrears so makes no difference to me
(f) no idea - it will never happen so no point dreaming
 
Gordon Gekko said:
I would keep my repayment at the same level with a view to shortening the term.
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Personally I would also do the same. This is exactly what I done when I switched from BoI to KBC.

A bit of advise I was given years ago was to always pay off debt at the highest rate you can afford - and as rates move, simply adjust the over payment accordingly. This has the effect to smooth out rate fluctuations, but also dramatically reduces the term of the mortgage in the long run.
 
Paul Reilly said:
Id give Brendan Burges some for getting it reduced but d out of options above.
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I believe Burgess takes any financial contribution to keep this website running as it is not free to host it. There's somewhere on the site to make a contribution.
 
Bronte said:
I believe Burgess takes any financial contribution to keep this website running as it is not free to host it. There's somewhere on the site to make a contribution.
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Every year or two a link is put live to accept donations to cover the hosting costs. Once the costs are covered, the link is disabled.
 
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