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Our response to Bank of England decision to raise interest rates

3 November, 2017

Responding to the Bank of England’s announcement of a raise in interest rates, Mike O’Connor, Chief Executive of StepChange Debt Charity, said:

“With incomes already squeezed, even having to pay £20 more on average per month on a mortgage after today’s rise could push people who are just holding on by their fingertips from paycheque to paycheque, into the red. We estimate one in 10 of our clients with a mortgage will end up with a deficit budget, and some households will need support to adjust.

“With more pressure on household budgets, this highlights the need for government to set out a clear strategy to help households get through financial difficulties. As a start, we urge the quick introduction of the statutory breathing space scheme promised last week.”

Contact the StepChange news team on:

Tel: 0207 391 4598

Mobile: 07985 404 153

Email: press@stepchange.org

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Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

*This is the average rating of our service based on the StepChange reviews on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2017