A 0.15% interest rate is bearable, but even at 2% that is looking at becoming 2 months average salary before tax and, this is before factoring in that it isn't only loans going up, the cost of everything is going up.
I actually had this exact conversation with a friend who had a lightbulb moment after rates went up yesterday.
Watch this space...
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Yeah - it is going to be very painful as that lightbulb is forced on in people's lives.