Latest Debt News
Repossessions on the rise
24/10/2005 15:20:00
A further increase in the number of homes being repossessed will be announced on Wednesday, according to analysts.
During the second quarter of 2005, there was a 61 per cent rise in repossessions by mortgage lenders compared to the same period the year before.
Even though interest rates fell in August and are likely to fall again in the coming months, more and more homeowners are struggling to deal with mounting debts.
The financial drain caused by credit cards, bank overdrafts and loans, coupled with mortgage repayments, is taking its toll.
This is reflected by the fact that the levels of repossessions match an increase in the number of personal bankruptcies, which witnessed a rise of 27.5 per cent.
© Adfero Ltd