As the Monetary Policy Committee reveals interest rates will stay at 0.5%, Citizens Advice highlights how people in financial trouble will find it more difficult to cope with a future rate rise.
New figures from the charity reveals over 200,000 people have sought online help about debt and money in the last month.
Citizens Advice Chief Executive Gillian Guy said:
“People in financial trouble need to brace themselves for a rate rise. While the Bank of England has agreed to keep rates as they are it is only a matter of time before they do go up. Many households will be able to absorb a small initial increase when it happens but it is those who are currently struggling with their finances who will feel it most.
“Money worries are a big issue for many people. In the last month alone over 200,000 people sought online help from Citizens Advice about debt and money. As rates haven't gone up yet there is still an opportunity for people to plan ahead and get their finances in order.
“When rates are increased it is important creditors recognise the impact and the knock-on effect it can have on people’s ability to pay their bills. A rate rise could mean homeowners continue to meet mortgage payments but find they don’t have enough money to cover other bills or day to day costs.
“Citizens Advice can help anyone who is in debt or trying to get on top of their finances. You can visit or call your local Citizens Advice, or go to our website www.citizensadvice.org.uk.”