Press release:

Interest rate rise as era of cheap credit comes to an end

Commenting on the decision of the Bank of England to raise interest rates to 0.75%, Tashema Jackson, money expert at uSwitch.com, says: “This increase in the Bank of England’s base rate will see the cost of borrowing rise for consumers as the era of cheap credit comes to an end. With millions of hard working families reliant on debt to simply get through the month, this and it’s likely knock on effect will serve as a real wake up call.

“First affected by this rate hike will be the third of mortgage holders who are currently on their bank’s standard variable rate, as well as those on tracker rate mortgages – with the increase almost certainly passed on immediately. We are likely to see other changes too, such as lower introductory periods on credit cards or higher fees on overdrafts. Inevitably, fixed term mortgage deals will also see a jump in interest rates as the banks adjust their offers in response.

“If you are on a standard variable rate mortgage, or looking for a long balance transfer credit card, take a good look at your finances and consider if you need to act now. There are still a number of good deals out there which, if they match your circumstances, may help you manage your debt more easily.

“This rate rise is likely to have an impact on all borrowers, so if you are worried about what it means for your finances, speak to your lender. For many, the impact won’t be instant, so you still have time to get your finances in order.”

Find out how you could save over £1,000 a year with uSwitch here.

— ends —

About us

It’s all about “U”!

Thank you for indulging us over the last 20 years by using a small ‘u’ and a big ‘S’ when writing about our brand in your articles.

We are delighted to let you know that you are now off the hook - it’s big U’s all the way (and small s’s) as we undertake our biggest ever rebrand - so let your autocorrect go wild!

About Uswitch

Uswitch is the UK’s top comparison website for home services switching. Launched in September 2000, we help consumers save money on their gas, electricity, broadband, mobile, TV, and financial services products and get more of what matters to them. Last year we saved consumers over £373 million on their energy bills alone.

Uswitch is part of RVU, a new business that also owns Money.co.uk and Bankrate.

If you would no longer like to receive our press releases please email prteam@uswitch.com with 'unsubscribe'.