Households have suffered another "body blow" to their finances with the latest increase in the Bank of England interest rate, a debt help charity has said. StepChange says that 17% of its new clients are already behind on their mortgage payments.
Peter Tutton, the charity's head of policy, said: "Another rate rise, alongside this week's news of rising inflation, is the latest in a succession of body blows to household finances. For anyone worried about rising housing costs and their ability to meet financial commitments, the most important thing is to reach out for help as early as possible.
"Don't wait to contact your lender or speak to a reputable free debt advice charity like StepChange. We are here to support you."
