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Households must be “primed and ready” for interest rate rise, says Citizens Advice

6 August 2015

The charity Citizens Advice has today said households will need time to adjust to any rise in interest rates. The Bank of England’s Monetary Policy Committee has today voted 8-1 to keep interest rates unchanged.

Gillian Guy, chief executive of Citizens Advice, said:

“Households need to be primed and ready for a rise in interest rate.  Many people are just about managing financially which means even a small interest rate rise can tip them over the edge.

“Any rise in interest rates must be slow and steady so people have time to adjust.  It is crucial that people have access to free money and debt advice in order to budget for a rate rise.

“Creditors can help borrowers by explaining the impact a rise will have and help them to prepare, as well as recognising where they can be flexible to help people keep afloat.”

-ends-

Notes to editors

  1. 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.
  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 get advice online or find your local bureau in England and Wales, visit citizensadvice.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. 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.