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.