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Tuesday, 23rd December 2008
Bank of England interest-rate change
On the 4th of December 2008, the Bank of England again reduced their interest rate (often referred to as the 'base rate'), to the lowest level since November 1951.
But, what does that mean for customers?
Would you like to know what credit scoring and APR really mean? More important, do you understand why you need to know about them?
These articles will help you:
Quick intro
When you are looking to borrow money, understanding interest rates and charges is important as it will help you to choose the best deal. Understanding terms like Annual Percentage Rate (APR) will enable you to assess and compare what's on offer and choose the right deal for you.
How will you be assessed?
Before lending you any money, all banks, building societies and credit card companies will want to do some checks on you. This is called credit scoring. Understanding how credit scoring works may help you to improve your credit rating. This may be particularly useful if you are having difficulties getting credit.
Borrowing wisely
Just because lenders encourage you to borrow money, it doesn't mean that you have to. Only borrow what you think you need and can afford to pay back. However, if you do find that you start to have problems with your debt, getting help sooner rather than later is important. For example, debt-counselling services can help you talk to the people you owe money to.
Find out more
We've put together a short list of resources you may find useful. This is a cross-section to start you off, but you may want to do some more research. Some of these resources are on other websites, so you need to be aware that the FSA is not responsible for content you find on these websites.
Users can rate articles with between one and five stars; this is not an FSA rating. But we have marked the articles 1-3, based on how detailed they are. If you are looking for a very quick introduction, look for level 1; if you are ready to find out more, go for a 3.
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