UK: There is a clear connection between interest rates as set by the Bank of England and cat abandonment and euthanasia. As I have said before a lot of things are connected. Perhaps everything is connected. It is worrying because this is a ticking time bomb.
For the past 5 years interest rates have been at an historical low. They have been at 0.5% for several years now in the UK.
To everyone with a large mortgage – there are many – low rates means low interest payments. A lot of borrowers have interest only mortgages. Despite the financial difficulties under which millions of people live in the UK, there is this massive benefit to them of paying very low sums for their mortgage. That frees up disposable income, which buys a new car despite the dire economic climate.
Here’s the problem. Interest rates will have to go up. There are many reasons but savers need to be rewarded. Older people have lost out for the past 4 years getting little interest on their savings. There are other commercial reasons for higher interest rates. A new Bank of England governor has just started. He is a Canadian.
Many people in the UK who have a cat have very little fat in respect of savings. People nowadays don’t put money aside for a rainy day. People on interest only mortgages should have invested the financial rewards of low interested rates rather than spending it.
When interest rates go up, some families with cats will be unable to meet their outgoings. They will stop paying their monthly mortgage payments. Their home will be repossessed by the bank. They will have to rent a home.
From a commercial standpoint, life is more straightforward for a landlord to ban pets from their properties. Most let properties have a restriction: no pets.
There is the problem: the family cat has to go. The nearest shelter takes him in and they in turn are struggling with the extra expenses such as vet’s bills.
The movement upwards of something as cold and commercial as bank interest rates can kill many thousands of cats.
The remedy is for people to be prudent while rates are low and put money away. Often they don’t. They don’t look to the future and figure out how to protect their cat. It is the cat who suffers the most under the circumstances of a house repossession.