It's feared by a number of financial analysts that a second base rate hike from the Bank of England will lead to more people being forced into insolvency and having to enter into agreements such as IVAs or Individual voluntary arrangements.
One leading debt management group have come forward to express their concern about the situation ahead of an announcement from the Monetary Policy Committee.
A spokesperson for Chiltern Debt Management has commented: "Further interest rate rises could well have a catastrophic effect on hundreds of thousands of credit-reliant Brits".