Interest rate rise could compound people’s money problems, says Citizens Advice Exeter

Leading local advice charity, Citizens Advice Exeter, has responded to the decision of the Bank of England to raise the base rate for the first time in a decade to 0.5%.

Steve Barriball, Citizens Advice Exeter Chief Executive, said: “The interest rate rise risks compounding the problems of people already in financial difficulty.

“While many people won’t be affected by the change immediately, those who are struggling to pay existing debts or are relying on credit to pay their bills could see their debts increase.

“With consumer borrowing still rising, now is the time to ban credit card companies from making unsolicited credit increases, burying people deeper in debt.”