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Bank charges: Chance of interest rate rises 'slim'

Consumers currently encountering hefty bank charges may be pleased to hear that the chances of the Bank of England increasing rates this year is "slim".

That is according to Justin Modray, of, a website dedicated to helping people better understand and look after their money.

Mr Modray claims that although many families will struggle financially this year, they should still enjoy low monthly payments because of the current low interest rates.

He said: "I think the likelihood of the Bank of England raising interest rates this year is slim, which means families with decent variable rate mortgages should continue to enjoy low monthly payments.

"However, the high rates of interest charged by many credit cards will persist, so managing expensive debt should really be the financial priority for most households."

His comments follow research by R3, which found that 43 per cent of people expect their financial situation to get worse over the next six months.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.

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