I heard on the national BBC news today (13/01/2007) that home repossessions have sudenly increased in number nearly three fold since November. This is a horrible situation for any individual to find themselves in.
Whilst it is sometimes easy to blame individuals for over committing themselves financially, is this completely fair?. Yes we all have a responsibility to borrow within our means but with house prices rocketing over the last five years, credit becoming increasingly easy to obtain and the recent credit crunch in international markets brought about by the collapse in the US sub prime mortgage market is it any wonder that repossessions and debt problems are on the increase.
Many lenders, including The Abbey National were still promoting 120% mortgages during september, when the financial markets were already picking up signs of a slow down.
We have written an extensive article on how to get out of debt, that provides some practical advice to help individuals caught up in debt to move forward. It must be stressed that I am not a financial advisor and the information provided is no substitute for seeking professional help and support to help you move forward in a positive way.
You can view the full article here: http://www.friendsandmoney.co.uk/get-out-of-debt.html "A Step By Step Guide To Get Out of Debt"Labels: A Step By Step Guide To Get Out of Debt, debt, guide |
