Press Release

CCCS comment on Bank of England interest rates decision

6 December 2007

Comment by Malcolm Hurlston, Chairman of Consumer Credit Counselling Service (CCCS), the UK's largest debt advice charity on the 0.25 percent drop in base rates announced by the Bank of England today (Thursday 6th December).

"The drop in interest rates should not be a signal for consumers to overspend at Christmas.  I would urge consumers to create and stick to a budget to ensure that they don't end up with a nasty surprise in the new year as their credit card statement drops through their letterbox.

"Although this is undoubtedly good news for mortgagors coming off a fixed rate mortgage, the cost of any new deal will still be significantly higher than in the past and the public should be ready for this as they renegotiate their mortgages."