Saturday, July 7, 2007

Repossessions to Double If Interest Rates Rise

News Aritcle

Here is an interesting article from April. The comments in particular make interesting reading. It would appear there has always been this conservative attitude of negativity about debt, so who let the situation become so critical in the first place? Where are the repossessions? Interest Rates have gone up twice since haven't they?

Posted by orwell @ 10:05 AM (402 views)
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3 thoughts on “Repossessions to Double If Interest Rates Rise

  • confused76 says:

    Orwell
    wait for the 2 million borrowers to come out of fixed rate mortgages this fall..

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  • planning4acrash says:

    “We think up to 150,000 people could become insolvent in 2007”.

    “Official figures show that repossessions, which peaked at 75,540 in 1991, have been rising sharply over the last three years. They jumped 65 per cent in 2006 to a three-year high of 17,000, according to the Council of Mortgage Lenders.”

    This effectively suggests that, reposessions could be double that experienced during the early 1990’s crash, THIS YEAR and that’s on the premise of just one or two rate rises, which we’ve already had, with another one or two more than likely this year. Phew! Imagine if we get 7% interest rates during 2008. Head for the hills and have a party!

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  • Its a great shame that the media make such a thing of the repossesions and problems that will be faced by many.

    I have to commiserate with those that had no choice but the whole point about raising interest rates is to inflict pain, those that havent budgetted for higher rates are going to feel very sick, however thats the way the world works and always has, back in 1992 when rates were 16% it was tough as well and we are nowhere ( and i repeat NOWHERE ) near those conditions yet.

    The BOE knows people will go bankrupt and houses will be repossesed however they have a higher agenda in mind and reposssesions are all part of the correction, if you cant afford it at 6% then in all truth you never could to start with <<<< thats the harsh truth of life !

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