Debt figures cause concern, says National Homebuyers
Released on: September 25, 2007, 7:33 am
Press Release Author: Charlotte Burrows
Industry: Real Estate
Press Release Summary: Consumers in the UK are in danger of running into financial
difficulties, with new figures showing that personal
debt levels are rising.
Press Release Body: According to Credit Action, personal
debt rose by £117 billion
in the 12 months leading to July 2007 and Sainsbury\'s Bank says that much of this
money goes towards the purchase or improvement of a home.
With this in mind, concerns have been raised that a rise in interest rates could
lead to people defaulting on their mortgage payments and an increase in home
repossessions.
Figures also show that the amount of credit given to individuals increased by 5.3
per cent in the last year, with the average household having debts of around £8,856.
Financial Difficulty | Sell and Rent Back your home
\"The purposes behind personal
loans are many. Slightly more than a quarter of our
customers are getting loans for home improvements, to add value to their property,\"
said Steve Baillie from Sainsbury\'s Bank.
With Rightmove recently revealing that UK house prices fell by 2.6 per cent in
September, some commentators would argue that trying to increase the value of a
property with renovations is a futile ambition.
Many homeowners who want to make some money from their home may be better off
seeking a quick property sale.
Web Site: http://www.nationalhomebuyers.co.uk
Contact Details: Sterling House
20 Victoria Way
Burgess Hill
West Sussex
RH15 9NF
0870 979 8118
Fax: 01444 257333
info@nationalhomebuyers.co.uk
2008
