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Rate rise could be ‘turning point’ for many stretched households PDF Print E-mail
Thursday, 02 November 2017
The Bank of England Monetary Policy Committee has today voted to increase interest rates by 0.25 percent – the first rate rise since 2007.  

Joanna Elson OBE, chief executive of the Money Advice Trust, the charity that runs National Debtline, said: “This first rate rise in more than a decade could be a turning point for many households. Future interest rate rises are likely to be slow and gradual – but even small increases in costs could cause significant problems for many households.

“High levels of household debt, a renewed squeeze on wages and now the prospect of higher interest rates threaten to be a dangerous mix for many households. Calls to National Debtline are already up 10 percent this year, and we expect demand for debt advice to increase significantly in a higher interest rate environment.

“It is vital that lenders, government and advice agencies work together to make sure people affected receive the support they need.”
 

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