Gillian Guy, Chief Executive at Citizens Advice responded to last week’s 0.5% interest rate rise by the Bank of England.
“This interest rate rise risks compounding the problems of people already in financial difficulty.
“While many people won’t be affected by the change immediately, those who are struggling to pay existing debts or are relying on credit to pay their bills could see their debts increase.
“With consumer borrowing still rising, now is the time to ban credit card companies from making unsolicited credit increases, burying people deeper in debt.”