You won't see much evidence of the MPC's recent dramatic rate cuts in consumer interest rates. In fact, rates on personal loans, credit cards and overdraft have remained more or less constant for years.
I don't have much of a problem with that. Consumer lending is a risky business, with very default rates. Banks need to charge high rates to recover these losses.
But lets face it; personal credit is a mugs game. People who take out personal loans and actually pay them back are, in effect, subsidizing spending for those who default on their loans.
That is why it is better to avoid personal credit altogether.