Interest Rate Rise Will Hurt People

Interest Rate Rise Will Hurt People

17th June 2022

Interest Rate rise will hurt people hard

Citizens Advice Scotland (CAS) has responded to today’s rise in interest rates from 1% to 1.25%.

CAS Financial Health spokesperson Myles Fitt said,

“So many households in Scotland are struggling to make ends meet already. With energy bills, petrol costs and other payments higher than ever while wages stagnate, CABs are seeing increasing numbers of people who are just unable to cope.

“Today’s rise in interest rates will hit such people hard, making it even harder for them to meet their daily living costs. Governments need to recognise the scale of the crisis and make more support available to those who are struggling.

“In the meantime anyone who needs help with their finances can get free, confidential advice from their local CAB, or at our self-help tool www.moneymap.scot.”