UK Money News
6th December 2007
Debtors 'could benefit from rate cut'
People currently experiencing trouble with debt are likely to welcome the latest interest rate cut from the Bank of England, it has been claimed.
According to personal finance commentator the National Debtline, consumers who have previously sought out help with money from lenders could be set to see their debt problems ease if money providers pass the benefits on.
Beccy Boden Wilks, spokesperson for the National Debtline, said: "On a mortgage of £200,000 [a cut] would mean that you're paying back £80 less each month."
However, she added that it was possible that many lenders would simply absorb the rate cut and keep the gains for themselves.
The national base rate of interest as set by the Bank of England now stands at 5.5 per cent.
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