Raise interest rates to avoid debt problems
27/05/2010The Bank of England has been urged to raise interest rates to prevent more people from having to look for debt solutions.
The Organisation for Economic Cooperation and Development (OECD) recommended increasing interest rates to 3.5 per cent in order to combat inflation from getting even higher than its current 3.7 per cent.
This level of inflation increases the need for people to seek debt advice, as prices are increasing faster than wages, squeezing the public's personal finances still further.
However, the Bank of England believe that inflation will go down of its own accord and stay that way for years, lowering the burden of people's personal debt misery with slower price rises.
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