People in financial difficulty should avoid short term credit, says Central Bank's Kincaid

The consumer protection director people that there was a 'range of supports and options available' through lenders

Mr Kincaid acknowledged that people on tracker mortgages would experience the 'most abrupt' increase in rates, with the Central Bank taking a 'borrower by borrower' approach.

The director of consumer protection at the Central Bank, Colm Kincaid, has called on people not to avail of short-term credit options if they are in financial difficulties.

Speaking to RTE Radio's Morning Ireland, Mr Kincaid said there was a range of supports and options available through lenders, who would act to help people stay in their homes.