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Interest Rates left alone but personal debts continue to mount as Christmas approaches

The Bank of England has today held interest rates at a record low of 0.5% in a move that was widely expected. It also announced that it is to continue with its policy of Quantitative Easing, where it pumps new money into the UK’s economy. That has totalled a massive £200bn to date and the the interest rate remains unchanged since March of this year.

Despite this news many financial experts are warning that any sustained or significant economic recovery is still a long way in to the future and many are predicting that interest rates could remain at this low level until late 2010 or even until early 2011. This should not come as a shock to many who follow the ups and downs of the financial world as the Bank had previously warned that any recovery would be “slow and protracted” and that its policies and decisions would take months to have an effect on the economic fortunes of the country.

Whatever the Banks decision had been the fact remains that thousands of individuals across the UK are now struggling with debt. The banks and financial institutions are still not lending money at a rate the Government had hoped and economic confidence is non-existent to most observers. In the past month thousands of people have lost their jobs including 1,700 workers at the Corus steel plant in Teeside and the surge in job losses normally seen in the retail sector after the Christmas period is obviously still some weeks ahead.

For many people in the UK, debt is a major problem and credit unions and organisations such as Debt Advisory Line are continuing to see an increase in the number of enquiries they receive on a daily basis from people who are now struggling with unsecured debts or who are extremely worried about the possibility of defaulting on loan, credit card and utility bill payments. They need solutions that are appropriate to their needs and expert free advice that will offer them a solution that best meets their requirements. Why not take a look at Debt Advisory Line’s web site at www.debtadvisoryline.co.uk and find out more about the advice and debt management solutions they offer. Alternatively, call for free advice on 0800 157 7254.

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