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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?
Need to borrow money? Then do you understand your options? You can borrow money in several different ways, from a range of companies and organisations. The upside is that you get a lot of choice; the downside is that it can sometimes feel overwhelming. Taking on a loan or credit agreement is a serious commitment, and it's up to you to decide what best suits your needs.
The articles linked to below will help you understand:
Quick intro
Different ways to borrow money
People borrow money in lots of different ways. The most common include:
To complicate it further, often different features and options are available. Use the resources on offer to help you get to grips with them and work out what's best for you.
What is right for you?
Understanding how each type of borrowing works will enable you to decide what suits your needs the best. When deciding how to borrow money you need to think about the following:
Protecting yourself from fraud
Fraud and identity theft are common. Credit cards are often a target. It's important that you know how to protect yourself and what to do if you are victim of a fraud.
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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