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PPI Claim: Interest rates 'will continue to be low in 2012'

Payment protection insurance (PPI) claims and credit card refunds could be used to offset the poor financial gains that many savers will experience next year.

High inflation rates and the Bank of England's refusal to move the base rate of interest higher than its current record-low level of 0.5 per cent have seen savers suffer this year and the trend is set to continue into 2012, states

Kevin Mountford, the site's head of banking, said that the gloomy economic outlook suggests that it may be 2013 until interest rates begin to rise once more.

Subsequently, PPI claims could be useful as he added: "As increased winter fuel bills and the rising cost of living kick in, many more households will be hitting their financial tipping point so it is imperative that we try and fight back."

The latest statistics from Credit Action revealed the nature of the UK's personal finance problems.

According to the group, Citizens Advice deals with 8,910 new debt problems each day, while the average family now owes £55,808.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801245642-ADNFCR

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