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Families Face Bill if Interest Rates Soar
01/02/2011
Price Waterhouse Coopers recently published a report that stated the intention of the Bank of England to increase the rate of interest from it current rate of 0.5% to 5% by 2015. This would impact the average household through having find an additional £1,800 per year to pay off interest on their debts.
Interest rate increases could be enforced as early as June this year, driving up the cost of mortgages, loans and credit cards.
This will cause a further financial burden to households who are already feeling the squeeze on their personal finances due to the rise in price of bills such as petrol, energy , food and clothes.
Inflation was higher in December with the Consumer Price Index inflation rising to 3.7 per cent, and the Retail Price Index, which includes housing costs, rising to 4.8 per cent.
Homeowners aged over 55 years who are worried about rising inflation and would like to know how much money the value of their property could release to help, can find out by contacting therightequityrelease.co.uk for equity release advice.
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