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Comment - "Interest rates will jeopardise the precarious financial stability of thousands of people" PDF Print E-mail
Thursday, 02 November 2017
Commenting on the interest rate rise, David Rankin, director of Insolvency at Creditfix, said:     “This interest rate rise, while seemingly a positive move for the economy, will jeopardise the precarious financial stability of thousands of people across the country who are just about managing.

“This interest rate rise is bad news for the vulnerable middle who are on the cusp of financial ruin. The reality is that a huge proportion of people who are close to experiencing severe financial problems are actually homeowners – and even the slightest increase in their mortgage repayments could trigger severe financial difficulties. They keep their anxiety under wraps while supporting their families. They often work multiple jobs and are silently oppressed by the burden of owing creditors.

“In the latest Personal Debt Index, which compiles data from over 60,000 people across the UK seeking financial support, the average unsecured debt level was £20,136 and just under 10% of these individuals own their own home. 81.36% are in employment, and 5.00% are retired.

“The truth is that this interest rate rise will impact us all – but it will hit hard-working British families and homeowners who are already struggling especially hard.”

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