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Bank of England drops interest rates in reaction to coronavirus
As the Bank of England reacts to the coronavirus outbreak by dropping interest rates, money.co.uk comments.
As the Bank of England reacts to the coronavirus outbreak by dropping interest rates, money.co.uk comments.
Salman Haqqi, personal finance expert at money.co.uk, said: "Whilst the drop in interest rates will be welcomed by many, it does little to help those who are unable to refinance existing debts like credit cards.
"Bearing in mind that total monthly credit card payments are over £13billion across the UK and the average household has unsecured debt of around £15,400, if coronavirus really does start to impact people's earnings, we'll need to see more than a drop in borrowing rates to support society's most vulnerable.
"Money.co.uk's report on personal debt revealed that five million people started 2020 with individual debts of over £10,000. Read more here
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Salman Haqqi, Senior Personal Finance Writer
Salman Haqqi spent 10 years as a journalist reporting in several countries around the world. He left the world of journalism to pursue his passion for personal finance.
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Joel Kempson, Personal Finance Writer
Joel Kempson devotes his time to helping people navigate the world of personal finance and make informed decisions about their money. He spent his early career writing about TV, movies, comic books and rock music.
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