Debt Advisory Line has experienced an influx of calls from existing and new customers with mortgages to pay who are panic-stricken that their budgets will be thrown into disarray. It says even a 25 basis point rise is likely to pile on the misery for thousands of debt ridden families.
Craig Gedey, of Debt Advisory Line, said: “We are definitely seeing an increase in callers citing the potential increase as a catalyst for a rise in anxiety levels. Even a potential quarter of a per cent increase is enough to have a real and psychological effect on people’s ability to be able to manage their payments and reduce their debt, which they may have built up through no fault of their own.
“Our customers are always desperately trying to make ends meet and any interest rate move to combat inflation will have dire consequences for the pockets of many.”