Interest rate rise to add to worries of homeowners

The Bank of England Monetary Policy Committee has today voted to increase interest rates to 1.75 percent.

Jane Tully, director of external affairs and partnerships at the Money Advice Trust, the charity that runs National Debtline and Business Debtline, said: 

“Today’s interest rate rise, the largest in 27 years, will add to the worries of homeowners already struggling with soaring prices.  October’s energy price rise is just around the corner and with inflation predicted to continue to increase into next year, there is little respite in sight for millions of people.

“With household budgets stretched from all directions, it is crucial that creditors treat people struggling to pay or already in difficulty fairly, including offering payment deferrals where appropriate and pausing collection activity.  And with the situation only set to get harder, it is more important than ever that people are able to easily access the help and advice they need.

“Anyone worried about their finances should contact a free debt advice service like National Debtline or Business Debtline as soon as possible.”

National Debtline offers free, independent debt advice at www.nationaldebtline.org.