Home Loan payers may not survive the credit crunch
Low earning families within the UK may not have the financial resources necessary to combat the effects of the credit crunch.
Government officials have stated that due to a series of economic blunders, which have occurred over the past few months, families within certain demographics may be faced with severe financial difficulties at the later part of the year, as normal expenses associated to the cost of living begin to soar.
Economists predict that rising food; energy and utility costs could see the average family burdened with additional outgoings of more than £150 per month. Coupled with escalating home loan costs, a rise of this nature will almost certainly push those who are already skating on thin ice, into an extremely serious situation.
Additionally, Citizens Advice Bureaus up and down the country have reported a stark rise in the number of households seeking urgent assistance with their financial commitments, with a number of said cases only resolvable through voluntary insolvency.
