Soaring debt could leave Brits facing bankruptcy
Soaring debt could leave Brits facing bankruptcy
Monday 3rd November 2008
Total UK personal debt at the end of September was at £1,457 billion, having increased by £76 billion over the last 12 months, the charity revealed.
Meanwhile, the average household debt excluding mortgages stood at £9,740, mounting up to £59,715 when mortgages were included.
Credit Action also reported research from R3, which showed that five million households are now finding keeping up with bills a constant struggle or have fallen into arrears on them.
For adults who rent property, the threat of redundancies caused by the effect of the credit crunch on the UK economy looms large.
Aaron Turner, chief executive of property website Look4aProperty.com, has warned that rising unemployment could create problems in the buy-to-let mortgage sector because many tenants would be unable to afford their rent payments, which would mean that landlords could then find it harder to meet their monthly mortgage repayments.
News article brought to you by SimpleIVA - Number 1 for IVA solutions in the UK.
Related News
'Hidden homeowners facing repossession' - 30/10/08
Some three million more borrowers could be at risk of repossession as the financial crisis begins to affect Britain's middle classes, an expert has suggested
Some three million more borrowers could be at risk of repossession as the financial crisis begins to affect Britain's middle classes, an expert has suggested
Debt a 'gloomy shadow over British workplaces' - 29/10/08
More Britons are likely to be worrying about debt problems after a survey showed that many workplaces are reporting concerning levels of stress among employees
More Britons are likely to be worrying about debt problems after a survey showed that many workplaces are reporting concerning levels of stress among employees
Figures reveal 71% rise in repossessions - 28/10/08
The number of homes that have been repossessed during the last year increased by 71 per cent, according to Financial Services Authority (FSA) figures
The number of homes that have been repossessed during the last year increased by 71 per cent, according to Financial Services Authority (FSA) figures
Debt-ridden Brits yet to experience the worst - 27/10/08
Britons struggling with debt problems are yet to experience the worst effects of the credit crunch on the UK economy, an expert has warned
Britons struggling with debt problems are yet to experience the worst effects of the credit crunch on the UK economy, an expert has warned
BBA assistance for firms facing bankruptcy - 24/10/08
It is inevitable that some businesses will not be able to avoid bankruptcy amid the likely onset of a recession in the UK economy, the British Bankers' Association (BBA) has said
It is inevitable that some businesses will not be able to avoid bankruptcy amid the likely onset of a recession in the UK economy, the British Bankers' Association (BBA) has said
News Article Search
Quick Apply
News Archive