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« US Dollar continues down | Main | New MyDoom Worm » November 08, 2004Personal bankruptcies at a highNow if there's one piece of news that should really worry people, it's this: Record for personal bankruptcies According to the report: Personal insolvencies in England and Wales have hit another record high as interest rate rises take their toll on already over-extended households. What is really scary is that lending rates are not even particularly high, plus the housing market is still extremely bouyant. So what happens when the housing market begins to fall, plunging people into negative equity? And what about the inevitable Bank of England interest rate rise that would accompany it, to try and stave back the inevitable consequence of rising inflation? How would this affect the millions who have taken out loans on secured on their property? That doesn't bear thinking about - especially as I have friends online and off who would certainly be caught in this deadly debt trap that could ultimately see them forced out of their own homes. There are hard times ahead in the UK. Recession is coming. Posted by brian_turner at November 8, 2004 12:12 PM | Discuss this in the Business, Marketing & Search forumsTrackback PingsTrackBack URL for this entry: Comments |
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