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Today in the London's free newspaper Metro the following cheery news greeted morning commuters from the front page...

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.

Rising interest costs for secured debt is pushing people to using unsecured debt such as overdrafts, credit cards and personal loans to pay their mortgages. And the repossession, arrears and new mortgage figures are ugly.

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?

We have met the enemy, and it is us — Pogo
by Migeru (migeru at eurotrib dot com) on Tue Oct 30th, 2007 at 11:56:09 AM EST

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