Britons' debts increasing by £373m a day | Metro.co.uk
Consumer debt rose by £1.35billion last month and total debts, including mortgages, went up by £11.2billion to £1.38trillion. ... The squeeze has led to more people reaching for their credit cards, with reports some are using their plastic to cover mortgage payments. ... The Council of Mortgage Lenders said it expected the number of home repossessions to rise by half next year from 30,000 to 45,000. The number of borrowers in arrears of at least three months would also increase to 170,000 next year compared with about 145,000 this year, the CML said. ... Meanwhile, Bank figures show the number of mortgage approvals hit a two-year low of 102,000, with experts warning that the credit squeeze could get even tighter.
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The squeeze has led to more people reaching for their credit cards, with reports some are using their plastic to cover mortgage payments.
The Council of Mortgage Lenders said it expected the number of home repossessions to rise by half next year from 30,000 to 45,000.
The number of borrowers in arrears of at least three months would also increase to 170,000 next year compared with about 145,000 this year, the CML said.
Meanwhile, Bank figures show the number of mortgage approvals hit a two-year low of 102,000, with experts warning that the credit squeeze could get even tighter.
But the money quote is this one:
Charities say they expect thousands of calls in the new year from homeowners left destitute after splashing out over the festive period.
How about not friggin' splashing out over the festive period?
More seriously, the Christmas splurge - like the two (or four) weeks in foreign climes - is now part of the British definition of decency. Not being able to indulge marks you as one of the poor.
Not being able to indulge marks you as one of the poor.
And all the indignity that implies, coming from the culture that gave us the word "chav".
Proverbs 11:2 Pride cometh before the fall. Money is a sign of Poverty - Culture Saying
