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As the UK economy continues to dive bomb towards recession the Bank of England has given its most blatant indication to date that interest rates will fall again in January. The indication was that...
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Friday 29th August 2008
It was revealed today, in a report from a credit rating agency, that middle class families across the UK are the most likely to be in heavy debt – with many middle class families reported to be in debt of up to £50,000. Additionally, those living in wealthier areas such as London and the South East have on average four times more debt than those in less prosperous areas, such as Scotland and some parts of the North West.
The report from Experian also shows that the average amount of debt for the individual has risen by over £2000 over just the past year. It is thought that this steep increase is a direct result of the credit crunch, with Keith Tondeur, of the advice service Credit Action, saying that “Over the past 15 years Middle England has had it good but now they are feeling the squeeze. During the good times they have got used to borrowing money and having easy access to credit based on the mentality they should take on a lot of borrowing because their house prices will keep growing. Worryingly, I am afraid it's is going to get a lot worse before it gets better.”
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