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Prime Lending Rate Dropped by 100 Basis Points.

Feb6

Written by:
2009/02/06 08:57 AM RssIcon

Wow, Some good news at least. We all need a break in this economic crisis. A drop in the interest rate is just what we need. But is it enough.

Thursday the prime lending rate dropped by 100 basis points, or 1%. There could be a further rate cut of another 100 basis points, then a subsequent cut of two 50 basis point. Leading to a possibility that in October 2009 the prime rate will be 11%.

But does this help when the Fuel price goes up by more than 60 cents, the food price keeps climbing. Well it might. Hey, any extra money in my pocket will help in every way.

Why am I blogging about this in a technology blog. Well I think any money saved will probably go towards buying extra bandwidth from your ISP.

This particular point hit me hard this last month where I was capped twice and had to buy extra bandwidth twice in January. Looks like the same will happen in February. So it looks like my savings might be spent already. Trying to curb the Internet usage. Installed a proxy, FreeProxy.

The problem is I cannot get hold of anyone at Telkom, my ISP, to provide me with stats as to my usage. My proxy stats are way different than my so called usage supplied by Telkom.

But enough of that ranting and raving. Subject for another post. The point is that no matter what industry you are in, a drop in the prime lending rate affects us all.

What do you think? Are you glad for the drop in interest rates? Do you think it will help? Do you think we can expect more?

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