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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`

Falling inflation means interest rates could fall

30/10/2008

Central banks around the world – including the Bank of England – could soon lower interest rates further, Prime Minister Gordon Brown has hinted.

With the price of oil falling, central banks may see inflation as less of a threat, and feel more able to cut interest rates.

They may, Mr Brown said, be able to announce another ‘coordinated’ interest rate cut, such as the one the Bank of England announced on October 8th, when the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, Sveriges Riksbank and the Swiss National Bank simultaneously announced interest rate cuts.

“Now inflation is actually coming down over the next few months and that will mean that it gives scope to all the monetary authorities, including the Bank of England, round the world to make a decision about interest rates,” the Prime Minister told the BBC.

“Any cut in interest rates is good news for some borrowers,” said a spokesperson for Debt Advisers Direct. “Some kinds of credit – the ones that ‘track’ the base rate – will immediately get cheaper, and standard variable rate (SVR) loans may also come down in price, although this is up to the loan provider.”

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Debt Advisers Direct offer free debt advice and a range of debt solutions, such as debt management plans, debt consolidation and IVAs (Individual Voluntary Arrangements).

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