/24-7PressRelease/ - LONDON, UK, January 17, 2007 - The Bank of England raised its base rate of interest by another quarter of a percent. It means that the current rate of 5.25 percent will increase the strain on secured loan borrowers, who have opted for variable interest rates.
The interest rate increase will add about another 30 pounds to monthly payments on an average 200,000 pound variable rate loan. However, a majority of new borrowers are protected by the fixed rate loan deals.
Industry sources say that more than 8 million people have unsecured loans of over 10,000 pounds, and 2 million are susceptible to going into personal insolvency.
Paul Latham, finance director at debt advice firm Debt Free Direct stated: "There are over 2 million people who are in a position of irreversible over-indebtedness, who have borrowed more than they will ever repay, and for many this rise will accelerate the speed at which they go over the edge."
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