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Slow and steady approach to interest rates necessary says Citizens Advice

7 Awst 2014

As the Monetary Policy Committee decides to maintain interest rates at 0.5 per cent, Citizens Advice today emphasises that any future rise needs to be ‘slow and steady’ in order to ensure the economy continues to recover and households aren’t landed in unmanageable debt.

Citizens Advice Chief Executive Gillian Guy said:

“Households who are just about keeping their head above water could get into difficulties if interest rates go up.  For the economy to continue to recover and households to be able to meet their financial commitments, any increase in interest rates needs to be slow and steady.  While a rate rise is inevitable people need time to prepare.

“Raising interest rates will have the greatest impact on mortgages but it could also affect homeowners’ ability to cover other costs. It’s likely that people may not get into mortgage arrears straight away because they get behind with other bills instead or choose to cut spending from elsewhere.

“Now is the time for people to review their finances to look at how they can prepare for any rise in interest rates.  It’s also important that lenders help and show some understanding towards customers who may struggle with a rate rise.  Anyone worried about the impact of an interest rate increase can get help from Citizens Advice.”

Notes to editors:

  1. The Citizens Advice service comprises a network of local bureaux, 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.
  2. 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.
  3. To find your local bureau in England and Wales, visit citizensadvice.org.uk. You can also get advice online at adviceguide.org.uk
  4. 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
  5. Citizens Advice Bureaux in England and Wales advised 2.3 million clients on 5.4 million problems from October 2013 to September 2014. For full 2013/2014  service statistics see our quarterly publication Advice trends
  6. Citizens Advice service staff are supported by more than 21,000 trained volunteers, working at over 3,000 service outlets across England and Wales.