Press Release
THE HOME STRETCH
8 March 2007
Homeowners will be "on the rack" in 2007 according to the latest debt dashboard from the leading British debt charity, Consumer Credit Counselling Service.
An analysis of CCCS clients with mortgages show that they face twice the average rate of inflation. CCCS fed their spending into the personal inflation calculator of the Office of National Statistics.
CCCS clients with mortgages hold double the unsecured debt of people who rent.
According to the Bank of England, the proportion of mortgagors nationwide who also have unsecured debt has increased by a third in the last ten years: it is now 62 percent.
With interest rates uncertain, the FSA has urged consumers to consider how they would manage their existing debt if economic circumstances in the country changed. Mervyn King encourages both borrowers and lenders to 'think carefully' before committing to extra debt.
CCCS chairman Malcolm Hurlston said, "Homeowners are being stretched…they are on the rack. As the burdens on household finances mount, our research shows that homeowners in particular should take care."
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