Tuesday, December 11, 2007

This will further undermine the UK housing market

Consumer pain looms with banks to hike credit cost

Millions of people are set for their biggest ever financial hangover in the new year as the squeeze on money markets hits households across Brtitain. City analysts gave warning that the last three weeks of November were the worst on record in the credit market as banks refused to lend each other money. Experts predict that this anxiety will be passed on to consumers next month in the form of steep rises in borrowing charges. For the first time in a long while consumers are going to get a real shock. Thirty years ago you had to queue for a mortgage. But, in the last 15 years, you have been able to snap your fingers and get credit. That is all going to change.There are fears that the credit crunch will have a devastating effect on some families which are already deep in debt. Nearly 5 mill

Posted by jack c @ 10:42 AM (491 views)
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