Interest rates will be reviewed by the Bank on England on Thursday, September 21. Many experts have warned that a rate hike could be on the cards with the City bracing itself for a figures that have been rumoured to go from the current 1.75% base rate as high as 2.25%. With this in mind, Martin Lewis has issued an urgent warning to anyone with uncleared credit card and loan debts.
While those sitting with an outstanding mortgage will be worriedly watching the rate announcements, Martin says that those with credit card or loan balances should also be aware. If expectations are correct and the base rate hike hits 2.25% it will be the highest figure for fourteen years.
Consumer champion Lewis, issued a warning. He said that "deals may get worse quite quickly. So if you need to sort yours out, sooner is safer..."
