More than two in five consumers expect interest rates for secured and unsecured loans to be higher a year from now, it has been found.
According to Lloyds TSB, 43 per cent of those surveyed expect an increase, while just 23 per cent expect them to fall.
This is despite a shift in expectations for the official rate of inflation, as the November poll predicted it to be 5.7 per cent in 12 months' time, but consumers now forecast a rate of 4.6 per cent.
Should the rate of inflation continue to fall, the Bank of England may be prompted to introduce further rate cuts in order to prevent deflation.
But chief economist at Lloyds TSB Corporate Markets Trevor Williams remarked: "The expectation that interest rates are set to rise may mean that consumers don't have the confidence to spend, preferring to save for the years ahead instead."
This month the Bank cut the official base rate of interest from three per cent to two per cent.
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