(1888PressRelease)
August 16, 2007 - London (chance4finance): In the first six months of the year, the number of people losing their homes due to bad debts reached an eight-year high.
The Bank of England has upwardly revised interest rates for the five times in the last one year, causing hardships to those who have taken out mortgages and secured loans against their homes. According to the Council of Mortgage Lenders, the first half of the year saw 14,000 home repossessions - highest since 1999.
When you are highly indebted, the repayment burden builds up slowly and may end up making you homeless. So, all those who opt for secured loans or mortgages should take proper care not to make any default in repayments.
Howard Archer, an economist at Global Insight said: "The pressure on many households is set to increase significantly, given that the cumulative 125 basis points rise in interest rates enacted so far by the Bank of England since August 2006 is yet to fully feed through to impact on borrowers".
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