With the Bank of England set to announce a raft of new measures to tackle the UK's high inflation rate, many are wondering how this will affect their debt and ability to pay it off.

With inflation now above 10% and the cost of living crisis now squeezing many household budgets, there are a number of ways to better manage household debt.

Money Saving Expert founder and host of the Money Show on ITV, Martin Lewis has also provided some advice on how to pay off credit card debt.

What is the Bank of England Announcing?

The Bank of England, the UK's central bank, is expected to announce the biggest hike in interest rates in over three decades in an attempt to control the country's high inflation.

Analysts predict an increase of up to 0.75 percentage points, taking bank rates from 2.25% to 3%.

This move comes after economic instability caused by Liz Truss and Kwasi Kwarteng's mini-budget last month.

The Bank had previously bought government debt to mitigate a run on gilts which help back pension schemes across the country.

How can I lower my credit card interest rate?

According to the consumer advice website, Experian, there are a number of ways to lower credit card interest rates.

One way to do this is to ask your credit card provider to lower your interest rate or APR.

It recommends that people approach the card they've had for a long time, especially if they have a proven track record of making payments on time.

They say that you should tell your provider that you are facing a new financial burden such as a loss in employment or a pay cut.

Alternatively, you could tell them that you would like to build your credit and want to focus on repayment.

You may be able to ask for a temporary break if necessary, such as a one-year reduction of 1 to 3%.

If you are unable to receive this, you can always ask again in three to six months' time and can mention the lower interest rate offers you have received.

How can I pay off my credit card debt?

Marin Lewis revealed that many people choose to pay off the credit card with the highest amount of unpaid debt on it but said this was the wrong thing to do.

On the Money show, Lewis asked the audience which card should be paid off first, with one woman answering correctly: "The one with the highest interest rate."

The money-saving expert explained that the smartest thing to do financially was to pay off the card with the highest interest rate or APR rather than the one with the most debt.

He added that people should then move onto the card with the next highest interest rate and so on.

The reason for this is that the card with the highest interest rate will see debt grow faster and so will put more strain on the cardholder in the long run.