Citizens Advice urges people with money worries to start preparing for a rate rise
As the Monetary Policy Committee reveals interest rates will stay at 0.5%, Citizens Advice highlights how people in financial trouble will find it more difficult to cope with a future rate rise.
New figures from the charity reveals over 200,000 people have sought online help about debt and money in the last month.
Citizens Advice Chief Executive Gillian Guy said:
“People in financial trouble need to brace themselves for a rate rise. While the Bank of England has agreed to keep rates as they are it is only a matter of time before they do go up. Many households will be able to absorb a small initial increase when it happens but it is those who are currently struggling with their finances who will feel it most.
“Money worries are a big issue for many people. In the last month alone over 200,000 people sought online help from Citizens Advice about debt and money. As rates haven't gone up yet there is still an opportunity for people to plan ahead and get their finances in order.
“When rates are increased it is important creditors recognise the impact and the knock-on effect it can have on people’s ability to pay their bills. A rate rise could mean homeowners continue to meet mortgage payments but find they don’t have enough money to cover other bills or day to day costs.
“Citizens Advice can help anyone who is in debt or trying to get on top of their finances. You can visit or call your local Citizens Advice, or go to our website www.citizensadvice.org.uk.”
Notes to editors
- The Citizens Advice service comprises a network of local Citizens Advice, all of which are independent charities, the Citizens Advice consumer service and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more see the Citizens Advice website.
- The advice provided by the Citizens Advice service is free, independent, confidential, and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality.
- To get advice online or find your local bureau in England and Wales, visit citizensadvice.org.uk
- You can get consumer advice from the Citizens Advice consumer service on 03454 04 05 06 or 03454 04 05 05 for Welsh language speakers.
- Local Citizens Advice in England and Wales advised 2.5 million clients on 6.2 million problems in 2014/15. For full service statistics see our publication Advice trends.