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Interest Rates Rise: Financial Experts Explain What NOT To Do

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The Bank of England has just announced the largest increase in interest rates seen in the UK for 33 years – and it’ll impact everything from credit cards to mortgages.

Put simply, an interest rate is the amount it costs to borrow money. And the base rate set by the Monetary Policy Committee (MPC) – a team of nine people who all work for the Bank – has been increased by 0.75%, taking interest from 2.25% to 3%.

It may not sound like a lot, but it’s a big deal. The rate has been put up in an attempt to bring down inflation, which is causing the cost of food, fuel and energy to skyrocket. Still, the Bank has said it expects the UK to suffer a “prolonged recession”.

With such alarming headlines, it can be tempting to make big financial moves in a bid to protect yourself. But here are seven things financial experts do not want you to do: