Interest hike bothering borrowers

London: June 29 (online-unsecured-loan.co.uk): Interest rates have been changed four times by the Bank of England over the past year, and that is taking its toll on the borrowers. Loan takers have been missing repayments more regularly that ever before, reflecting the problems they have been facing in that regard.

Interest rates rose from 4.5 percent last August by a good 1 percent this May. following a series of four 0.25 percent interest rate rises. Recent reports reveal that over 7700 loan repayments are missed daily by UK loan borrowers. Over the last half year, 1.4 million repayments have been missed on loans. There is a justifiable worry that the next hike in interest, probably in July, could worsen matters.

According to a MoneyExpert official: 'This is yet another warning of real financial distress and a sign that finances are being stretched to the limit by recent interest rate rises. The concern has to be that people are missing repayments on unsecured loans because they believe there's not as much at stake as missing a mortgage repayment.'

'Burying your head in the sand is not the way to deal with financial problems,' he added.

For additional information on the news that is the subject of this release (or for a sample, copy or demo), contact Webmaster or visit www.online-unsecured-loan.co.uk