Drowning in debt

It is almost a year to the day since interest rates first started to increase for many borrowers.

2nd December, 2006

It is almost a year to the day since interest rates first started to increase for many borrowers.

On December 6 last year, the European Central Bank (ECB) increased its base interest rate for the first time in five years. The rate determines how much interest borrowers pay on their mortgage each month.

Since then, the ECB rate has increased five times - from 2 per cent to 3.25 per cent, putting further pressure on homeowners...

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