FINANCE: How to survive the 5.4% raise by Bank of England ...

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Anxiety and panic was generated by the shock news from England's Bnaca of about 5.4% increase in the spring to counteract inflation due to the post-pandemic financial collapse and more ...

LONDON -  Clear Score offers some useful advice to best stem this worrying financial tsunami that will see many families struggling in the incoming future.
 
In February 2022, the Bank of England raised interest rates from 0.25% to 0.5% and this was the second time interest rates went up in less than three months

How does inflation affect interest rates?

So, at over 5.4%, inflation (how much things go up in price) is the highest it’s been for 30 years. The Bank of England uses interest rates to control inflation – usually, the higher the rate of inflation, the lower you can expect interest rates to be.
 
So even though milk and bread might feel expensive, it might be cheaper to borrow money on a credit card.

However, interest rates have been at an all-time low during the pandemic, which means inflation has soared. When the rate of inflation rises too quickly, the Bank of England raises interest rates in an attempt to slow it down and keep the cost of living stable.

What this means for you ...

The rise in interest rates means the cost of borrowing could go up. Banks are now likely to try and take advantage of rising interest rates by passing on this increase to people borrowing money, rather than those saving money.

This means that you could see an increase in mortgage, credit card and loan rates, but won’t necessarily see much more of a return on your savings.
 
Therefore, you can you protect yourself against rising interest rates by shift your balance. 
So, if you’re paying interest on your credit card, shifting your balance to a balance transfer card could save you hundreds of pounds in interest. Some offers on ClearScore give you up to 31 months of 0% interest for a 1.5-3% balance transfer fee ...

Full article HERE!
[Article by: Jade Harvey]
 
NOTE: Thanks to Clear Score for the content in this article that, however, does not represent the views of Vitalis Veritas Blog but belong exclusively to the opinion of the author which we would like to thanks for his valuable contribute.

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