Credit card debt 'putting homes at risk'
Credit card debt 'putting homes at risk'
Thursday 29th January 2009
According to the Daily Mirror, the growing trend for so-called charging orders means that some borrowers with credit card or personal loan arrears are in danger of being made homeless.
This is because lenders can go to court to obtain a charging order, which turns unsecured loans into debt secured against a borrower's property.
According to the newspaper, the number of charging orders "is likely to increase rapidly as the recession results in more families failing to keep up debt repayments".
Official figures show that a record 97,000 charging orders were obtained in county courts last year.
A recent survey from fairinvestment.co.uk found that 25 per cent of British homeowners are worried about the prospect of negative equity due to the credit crunch.
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