Monday, Nov 06, 2006

Why banks' moans about IVas ring hollow

MoneyWeek: Why banks moans about IVas ring hollow

Britains borrowers arent out for the count yet, but some of them are certainly getting acquainted with the canvas. While consumer lending continues to soar, the number of debtors who find they cant cope is picking up even faster. Personal insolvencies hit another record high last quarter, up by 55% year-on-year to 27,644, mainly due to a surge in IVAs. Mortgage repossession orders are back to levels not seen since the shakeout from the last housing crash. And the numbers are likely to get worse before they get better.

Awash with cash in our high-liquidity world, lenders have been handing it out like play money. Then, for some reason, theyre baffled when it doesnt come back again.

Posted by mary @ 10:12 AM (401 views)
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