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One in ten tenants owe a year's wages
London (loans-bazaar) 5 January 2007: Nearly 15% of renters say their loans are a 'heavy burden' compared with 5% of homeowners.
According to a research by the Bank of England, nearly one in ten non homeowners who have taken unsecured loans owe more than their annual income. As a result, these people are likely to experience severe difficulties in servicing their debts.
In comparison those residents paying mortgage on their own home will face less hardship because they can still use the equity in their home as a back up.
With the sharp rise in bankruptcy over the past years, the Bank notes that now one in four people now know someone who has become bankrupt. To the chagrin of the banking industry, the recent trends suggest that the number of personal insolvencies will continue to rise.
Related News:
New hope for debt-ridden Brits
Government urged to reform financial market.
London (loans-bazaar) 5 January 2007: Nearly 15% of renters say their loans are a 'heavy burden' compared with 5% of homeowners.
According to a research by the Bank of England, nearly one in ten non homeowners who have taken unsecured loans owe more than their annual income. As a result, these people are likely to experience severe difficulties in servicing their debts.
In comparison those residents paying mortgage on their own home will face less hardship because they can still use the equity in their home as a back up.
With the sharp rise in bankruptcy over the past years, the Bank notes that now one in four people now know someone who has become bankrupt. To the chagrin of the banking industry, the recent trends suggest that the number of personal insolvencies will continue to rise.
Related News:
New hope for debt-ridden Brits
Government urged to reform financial market.
