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While today’s decision by the Bank of England MPC was literally a no brainer it does not help the thousands of home owners who are struggling to make ends meet. As we read another report from the...
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Saturday 17th May 2008
While economic activity in the UK continues to fall there are real concerns that many of the UK population may be left with substantial debt for many years to come. Prior to the major turnaround in world economies personal debt in the UK was running at record levels, but more and more people were looking to their property investments to bail them out in times of trouble.
However, the fall in the housing market together with limited finance in the commercial loans market has seen many people unable to refinance their debts with more and more looking towards professional help. While many still have assets on paper which are worth more than their debts, it can be difficult to crystallise these investments at short notice.
Even though a recent report suggested that bankruptcies were falling there are real concerns that as soon as we see any signs of life in the property market, many of the finance companies will call in their debts. The expected increase in future bankruptcies will always lag the performance of the economy because it can take some time to filter through.
It seems that many in the UK who dreamed of using their property ‘profits’ as a nest egg are about to see that dream shattered. |
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