Monday, May 19, 2008
So called middle class under huge debt pressure
Firstrung: Middle class debt stretching agencies to limit
As the cost of credit rises, and fixed rate mortgage deals end, middle class people who took out loans when money was cheap are turning to advice agencies who used to see mainly benefit claimants and social housing tenants...Transact member Community Money Advice (CMA), which supports money advice services across the UK and Ireland, says one of its centres in Haywards Heath has had to close its doors to new cases because of the dramatic increase in demand.
Posted by converted lurker @ 10:26 AM (341 views) Add Comment
2 Comments
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1. renting2 said...
I put this in another post, but feel it has more relevance here.
A prolonged economic downturn will also introduce another little talked about factor - possible increase divorce numbers. Many break-ups are as a result of, or greatly influenced by, family financial problems. Where will all those singles and broken families live? They will not be able to stretch to double housing costs now and in the future. Even more pressure on GB/AD and the taxpayer.
We live in interesting times as the Chinese curse goes.
2. Chasbmw said...
Divorce numbers will decrease in a housing recession, without the equity built up over the past 15 years, there will be much less loot to divide and so people will stay together rather than facing penury