It was reported this week –( last part of October 06) - that the Bank of England are very concerned by the fact that approximately 80% of personal debt in the UK is made up of loans secured against homes, such as mortgages and re-mortgages.
This is a major challenge situation in the arrest of mounting debt for the Bank of England. We all know that the repercussions related to this type of debt have far reaching effects and take many years to overcome.
They are also concerned that as well as this debt, other debts, such as credit cards now amount to over £1,000bn.
News this week regarding personal finance and property prices has generally been very negative and it has also been reported that many more people are going bankrupt or taking out IVA.
Debt agencies said that they are seeing an increase of approximately 50% in debt problems, over the last six years. The mountain of debt has been silently growing but is now coming to a head.
Yet at the other end of the financial spectrum, house prices have been reportedly rising each month. This was not anticipated earlier this year but it appears that no matter what the financial experts say about property, they hardly ever get it right. Who can blame them? Money is such a mystery! Pity debt is'int.
If you have money concerns, well guess what? Believe me you can be happy in debt.
For a FREE REPORT - click here for www.debts-challenge.com/report.htm
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