The monetary policy committee (MPC), which sets rates for the Bank of England, has voted to keep the official cost of borrowing at 5.25 percent. This comes after the base rate went up by 0.25 percent last month.
The Independent says that if the bank had raised rates, which many experts thought was likely, homeowners with a typical $100,000 mortgage would pay $63.79 more each month than they did in August.
The rate hold came after official numbers showed that mortgage approvals dropped in December. This made some experts think that the rate hikes in August and November had started to take effect.
Karen Ward, an economist at HSBC, said, "We think the MPC signalled in January that they didn't have any more planned hikes, and we don't think there's been enough data since then to justify another hike."
"The ones from last year are still having an effect, so it will take a while for it to have its full effect. Things do look like they are already slowing down."
Last month, it was found that inflation was at its highest level in 15 years. This made many analysts think that rates would go up before the summer.
James Falla, a debt expert and author, said that young people who borrow and spend without thinking could hurt their ability to get credit in the future.
He said that if a young adult has a lot of credit card debt but no property, they will probably be told to file for bankruptcy because their home is not at risk.
Mr. Falla, who wrote a best-selling book about getting out of debt, said that younger people no longer feel like they have to pay off as much debt as they can.
"They're just thinking, 'Well, the bank shouldn't have given me the money in the first place, so I'm going to go bankrupt,'" he said.
Some people have said that consumerism and a "live for today" mentality are putting pressure on young people to take on more debt, which could make it harder for them to get credit in the future.
Melanie Giles, a lawyer who helps people get out of debt, says that most debtors think they should pay back all of their debts, but that future generations may feel very differently.
