Those thinking that now would be a good time to consolidate their debts into one loan might well be in for a nasty surprise, as many sources of credit refuse to lower their rates.
The cut in the base rate from the Bank of England was expected to see lenders lowering their rates, allowing for lower repayments on all products for consumers.
However, according to research from MoneySupermarket, over three quarters of lenders have not altered their rates in the slightest, meaning debt consolidation loans aren't any more attractive than they were yesterday.