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mpc: 19 Second, past interest rate rises might be having a particularly marked impact because of higher levels of debt. Interest rate rises would have increased both the servicing costs paid by debtors and the receipts earned by savers. But it was probable that debtors were more likely than savers to spend any additional income that they earned, so that ­ in aggregate ­ higher interest rates may have depressed consumer spending via this channel. In previous meetings, the Committee had noted that the impact of policy tightening on debtor households was likely to be particularly uncertain in the light of the large increases in borrowing in recent years.