The newly-lowered base rate could prove perfect for those looking to tackle their debts, it has been claimed.

According to the National Debtline, lower interest rates could provide access to cheaper borrowing in the coming months.

But with the credit crunch continuing to have an effect, spokesperson Beccy Boden Wilks asserts that the situation remains uncertain.

As a result, consumers may wish to opt for solutions such as debt consolidation loans, which could reduce monthly repayments no matter what happens to the base rate.

"The Bank of England have announced their interest rates and it's going to come down for the first time - so who knows what's going to happen?" Ms Boden Wilks asks.

She contends that many consumers may be able to manage their debts more successfully if cheaper forms of credit become available.

"If that isn't an option for people any more, then it could be that we'll see more people needing debt advice on the other options," she adds.

This could range from secured home loans to debt consolidation loans as Britons look to tackle their personal finances.ADNFCR-1287-ID-18386005-ADNFCR

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