Latest Debt News
Up to 600,000 families face repossession in 2008
25/04/2008 09:47:00
Up to 600,000 families could face their homes being repossessed during 2008, a political party has claimed.
The Liberal Democrats said that many homeowners will struggle to keep hold of their homes due to the tightening of finances brought on by the effects of the global credit crunch.
Julia Goldsworthy, Liberal Democrat shadow communities and local government secretary, said that the Labour government could have done more to help consumers.
"As living costs rise, and the credit crunch starts to bite, families are forced to cut back on essentials in order to keep a roof over their heads," she said.
Ms Goldsworthy added that the government had "buried its head in the sand", and overstretched families finances to breaking point.
Meanwhile, findings from the British Bankers Association revealed that the number of mortgage approvals had dropped by 50 per cent.
Up to 35,417 new mortgages were approved last month, with a value of £5.6 billion, figures down from the 43,147 mortgages worth £6.8 billion approved in February.
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