Home > News > Debt advice

More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

Interest rates ‘must be cut to four percent’

27/10/2008

Reducing the Bank of England’s base rate from 4.5% to 4% in November “would be an important step aimed at alleviating the severity of the recession and to help restore business and consumer confidence”.

So said David Kern, Economic Adviser to the British Chambers of Commerce (BCC), after the Bank of England acknowledged the risks facing the UK economy.

Mr Kern added that “Interest rate cuts are vital to underpin the banking sector rescue package”.

“Any cut to the base rate can make it easier for lenders to offer credit at a lower cost,” said a spokesperson for Debt Advisers Direct. “However, it’s up to individual lenders to decide how much of a cut they will actually pass on – and some kinds of existing credit will not be affected at all.

“Even so, many people with debts to pay off may be pleased to see prestigious bodies such as the British Chambers of Commerce calling for interest rate cuts. If the Bank of England does cut rates further – as most analysts are now expecting – it will help lenders offer loans, mortgages and other kinds of credit at more favourable rates, and will reduce the cost of some existing loans.

“This will clearly help businesses, homeowners and would-be homeowners, as well as people in debt who are looking for debt consolidation loans.”

---

Offering free debt advice, Debt Advisers Direct also provide a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according