Interest rate increase ‘absolutely heartbreaking’ – Commentary from personal finance expert

“Families are facing numerous challenges, and an interest rate hike is the last thing they need. The Bank of England argues that increasing interest rates helps control inflation but appears indifferent to the impact this will have on millions of homeowners whose mortgages are due for renewal, credit card holders, and those seeking loans.

“It’s widely acknowledged that the cost of living crisis has led to a significant increase in credit card usage, as families have been compelled to use them to cover escalating expenses such as energy bills, fuel, and food. However, they are now being penalised for something they would prefer not to do; it’s absolutely heartbreaking.”

Tara Flynn, personal finance expert, Choosewisely.co.uk