Recent research has suggested that young British consumers are the most likely to be fearful of rises in the base rate of interest.
According to a study carried out by ICM Research on behalf of Intelligent Finance, a full 40 per cent of Britons aged between 18 and 24 are worried about an increase in the cost of borrowing and a further one in ten consider themselves extremely worried about the prospect of added debt management pressures.
The Bank of England’s monthly decision on where to fix the cost of borrowing is also a cause for concern for 41 per cent of all adults around the country, the latest figures demonstrate.
“With interest rates on the rise and purse strings tightening, it’s important to make every penny work as hard as possible,” remarked Mark Parker, managing director of Intelligent Finance.
The cost of borrowing is currently at a six-year high of 5.75 per cent, which has made it more difficult for many British consumers to find a debt solution.