Stop Repossession Today

Debt Matters

The subject of debt is seemingly always in the newspapers. In recent months we have heard of the troubles that have hit the non-conforming mortgage market across the Atlantic – Or closer to home the financial problems that seem to blight the majority of football clubs in the country.

There are growing concerns of the levels of consumer debt that is prevalent across the United Kingdom – Amongst the highest in Europe. The culture of buy now and pay later seems to be growing stronger year on year.

There is no doubt that debt is a serious problem that affects many people from all walks of life throughout the United Kingdom. With imminent interest rate rises throughout the rest of the year, stark warnings have been issued as to the immediate impact to borrowers and indeed the future economy as a whole.

Despite recent dips, consumer debt continues to remain at high levels and serious concerns have risen up to do with the ability of borrowers to repay outstanding loans and Credit Cards.

Serious questions have been raised as to the way in which lenders assess a borrower’s eligibility to obtain credit. The new buzzword in relation to this is ‘Responsible Lending’ – A concept in which nearly every lender claims to adhere to. Although what does Responsible lending actually mean? It seems that this is just a smokescreen for a currently larger buzzword, ‘Affordability’.

It is recognised across the board that the level of debt was actually helping to reinvigorate the UK economy. The UK domestic product is driven consumer spending – If this slows down then the knock on effects will cause widespread problems across the economy as a whole.

It is clear that a certain amount of debt within the economy is good for business. However, despite slowed growth, the fact that individual debt is continuing to grow, consuming a larger amount of borrowers and leading to increased bankruptcies, insolvencies and property repossessions is a worrying sign that looks far from being just a temporary glitch.

The one thing that all parties are agreed on is that change is needed and change is imminent – Whether this is through better education or firmer regulatory controls of the credit and debt solutions industry.

Labels: debt, repossession

14-Apr-2009

Did You Know?

In the majority of cases it is possible to stop repossession.
It is never too late!
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