The Government has been criticised for just cutting interest rates and not thinking about those who are already burdened with unsecured debt.

According to fool.co.uk, six out of ten people say another cut in rates will not help. They are already in debt, and their mortgage and their loans may not be affected by any changes to the base rate.

David Kuo, Head of Personal Finance at Fool.co.uk, says: “The 1% cut in rates has brought the cost of borrowing down to levels not seen since World War II. However, it is unclear whom the rate cuts are supposed to benefit – it won’t assist with credit-card and store-card debts.”

It may not. But there is no point waiting to be rescued if you are over-burdened with unsecured debt. There are trillions of pounds of debt owed by Brits, and the Government cannot pay that all off, however good they are.

The only person who can really help you is yourself. You have the ability to use your home’s equity and you are the one who can plan your finances so as to limit debt and start paying off your responsibilities. You are also the one who can pick up the phone and talk to your mortgage adviser.

The base rate might not affect you, but a mortgage adviser can. They can point you in the right direction and help lift some of the burden off your shoulders. It might not be easy and it might take time, but it is better than waiting for a solution to come riding round the corner.

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog.

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2. Government Changes Will Help Unsecured Debtors
3. Labour tax cuts set battle lines (Channel 4)
4. Premium Bonds Rate Cut Not Matched For Student Loans – community blog from Roger Elwell (Finextra)
5. Unsecured Vultures Still Preying