Moves by the monetary policy committee to cut the base rate could be a case of "too little too late" for Britain’s consumers, an expert has asserted.
Personal finance expert at uSwitch.com Mike Naylor argued that it has been a tough year for Britons.
Unmanageable debt led many of them to miss paying bills and repaying debts, he claimed.
The financial comparison site spokesman suggested that one in ten consumers had a direct debit or cheque bounce from their account last year due to insufficient funds.
Furthermore, "nine per cent of people are currently trapped in a vicious circle where they may need to get further into debt to meet existing financial obligations," Mr Naylor warned.
Nearly six million Britons could rely on borrowing just to meet the cost of living, he added.
According to financial advice charity Credit Action, total personal debt in Britain grew to £1,409 billion by the end of December last year.