Alarming figures from the Bank Of England show that families are defaulting on their debts at a record pace.
The figures suggest households are defaulting on more than £20 million of debt every day – the most since 1993.
Mortgage repossessions rose 30% in the first 6 months of 2007,taking them to 14000,the highest level for eight years.
Worryingly, these figures pre date the latest rate rise, which pushed borrowing costs to 5.75 percent. Nor do they take into consideration the market turmoil that erupted this month, which has triggered harsher lending standards.
With interest rates rising and debt levels high, it will be much harder for households to meet their commitments.
If increasing debts troubles you, and you are finding it harder to make repayments, do not struggle on your own, professional help and advice is available, contact the debt advice team at Chase Saunders on Free phone 0800 138 2299 or contact them through our website http://www.chasesaunders.co.uk/ they will discuss your situation in the strictest of confidence and advise you accordingly. There will be a solution.
