More Bank Of England Interest Rate Cuts Needed

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Another large reduction in UK interest rates is needed if the Bank of England's base rate cut of 0.5 per cent is to have a meaningful impact on the UK's unsecured loans market, warns Credit Problems No Problem.

Another large reduction in UK interest rates is needed if the Bank of England's base rate cut of 0.5 per cent is to have a meaningful impact on the UK's unsecured loans market, warns Credit Problems No Problem (http://www.creditproblemsnoproblem.co.uk).

Experts at Credit Problems No Problem acknowledge the huge significance of the 0.5 reduction in the UK base rate.

The Bank of England Monetary Policy Committee's (MPC) rate-cutting decision was:

  •     announced in conjunction with the UK's £500 billion economic bail-out plan.
  •     announced alongside similar rate cuts by five other central banks.
  •     the UK's first 0.5 point cut since November 2001. Adjustments in recent years have been by 0.25 of a percentage point.
  •     taken and announced by the MPC 24 hours earlier than is usual each month.

But whether the 0.5 per cent Bank of England base rate cut will be sufficient is doubtful, fears Credit Problems No Problem.

"It has taken too long in coming and will not make that much difference -- they should have done this three months ago," said a spokesman for Credit Problems No Problem, which specialises in fast cash loans for people with bad credit ratings.

"If they are brave enough to go another 0.5 per cent next month, I feel it would make a significant difference to the market place.

"But with the money markets going down like dominoes, a month is too long to call. Even a week at present is far too long a time to call."

Recent months have seen a marked change in borrowing patterns, says Credit Problems No Problem, which receives many thousands of requests for 'bad credit loans' from people with CCJs or defaults on their credit scores.

'Consolidate debts' is now the most popular reason for seeking unsecured loans, reports Credit Problems No Problem.

Credit Problems No Problem was launched in 2003, uniting a team of specialists that together offers 26 years of expertise to help cash-strapped families gain the unsecured loans they need to beat the credit crunch.

From its UK head office in Devon, Credit Problems No Problem operates across Britain, sourcing loans for people with bad credit.

Credit Problems No Problem holds a Consumer Credit Licence issued by the Office of Fair Trading. The company is also covered by the Financial Ombudsman.

Credit Problems No Problem is also registered with the Information Commissioner's Office for Data Protection.

For rapid help, phone 0800 412 5634 or visit http://www.creditproblemsnoproblem.co.uk

Notes For Editors

http://www.creditproblemsnoproblem.co.uk

Credit Problems No Problem Ltd
TBC House
Cavalier Road
Newton Abbot
TQ12 6TZ
United Kingdom
Tel: 0800 412 5634

Credit Problems No Problem was formed in 2003, bringing together a team of specialists that together offers 26 years of expertise to help applicants gain the unsecured loans they need.

From its UK head office in Devon, Credit Problems No Problem operates across Britain, sourcing loans for people with bad credit.

Credit Problems No Problem holds a Consumer Credit Licence issued by the Office of Fair Trading. The company is also covered by the Financial Ombudsman.

Credit Problems No Problem is also registered with the Information Commissioner's Office for Data Protection.

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