INTEREST RATES AND HOUSEHOLD DEBT

That this House recognises the difficult economic times and financial challenges faced by families; highlights the impact that a rise in the base rate of interest would have on homeowners who would face increasing mortgage demands; draws attention to a recent report by the Resolution Foundation which demonstrates that a rise in interest rates could put two million households into a dangerous financial situation, with over half of these cases involving families with children; acknowledges that many homeowners already face a strain on their household income from rising petrol prices and home energy costs; further recognises that household debt held on credit cards, especially after Christmas, will bring a further burden to many people; and urges the Government to bring forward measures to prevent an escalating household debt crisis.