- Thursday, 4 March 2010Interest rates should remain "as low as possible for as long as possible" in order to help those struggling with
debt management, it has been claimed.
Mark Hoban MP, shadow financial secretary to the Treasury, said it was vital for struggling families that the base rate remains at its low level.
"It is imperative, I think, that your government [does] what it can to keep interest rates as low as possible for as long as possible, otherwise families already suffering financial stress will see the interest they pay on their loans and their mortgage rates rise," he said.
People need to "think through" the implications and choices that they make in terms of debt and their finances, added Mr Hoban.
The Bank of England's Monetary Policy Committee voted to keep the base rate at 0.5 per cent in February, with the next decision taking place today (March 4th).
This is the lowest rate since the formation of the Bank in 1694.
Recent IVA News23% of first-time buyers save for five years to raise a depositWed, 04 May 2011
Brits dealing with Finance Management should shop around for car insurance Wed, 04 May 2011
Parents, including those with Finance Management, advised to start saving for children's weddingsTue, 03 May 2011
Newlyweds may be in need of Finance Management plans after overspending on weddingTue, 03 May 2011
Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
Equity release can be used to 'become debt-free'Tue, 26 Apr 2011
| |
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ
Consumer Credit Licence Number: 0580960