Interest Rates And Household Debt

EDM number 913 in 2013-14, proposed by Margaret Ritchie on 07/01/2014.
Categorised under the topics of Financial services, Incomes and poverty and Mortgages.

That this House recognises the difficult economic times and financial challenges faced by families; highlights the impact that a rise in the base rate of interest would have on homeowners who would face increasing mortgage demands; draws attention to a recent report by the Resolution Foundation which demonstrates that a rise in interest rates could put two million households into a dangerous financial situation, with over half of these cases involving families with children; acknowledges that many homeowners already face a strain on their household income from rising petrol prices and home energy costs; further recognises that household debt held on credit cards, especially after Christmas, will bring a further burden to many people; and urges the Government to bring forward measures to prevent an escalating household debt crisis.

This motion has been signed by a total of 26 MPs.