Cut in base rate could save many from Bankruptcy

Many UK homeowners have received an early Christmas present in the shape of lower repayments and less chance of personal bankruptcy, as a result of the Bank of England cutting the base rate.

The figure now sits at 5.5 per cent, a decrease of .25 of a per cent meaning some people stand to save a decent amount of money each month.

However, the advice from many experts is to not jump head first into a large personal loan simply because the rates have dropped as you could still find yourself bankrupt if the market takes a turn.