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Will household debt really rise by £68bn this year?
According to the Office for Budget Responsibility (OBR), household debt is likely to increase by £68bn this year as people take on more debt to maintain their living standards in the face of high inflation.
Not everyone agrees, however. In its `Market commentary` published yesterday, the Council of Mortgage Lenders (CML) made a few points about this.
Getting a mortgage `will be tough` until 2014
Low consumer demand and mortgage providers` lack of funds are `hindering the mortgage market`, an article in the Guardian has reported.
Analyst Datamonitor has said that many UK consumers will find it hard to secure a mortgage this year, and may even have to wait until 2014 for the process to become easier.
Insolvency Service to increase cost of bankruptcy
The Insolvency Service will - from 1st June 2011 - increase the cost for a borrower to petition for bankruptcy, for a creditor to make them bankrupt, and for a company to enter compulsory liquidation.
A borrower petitioning for their own bankruptcy will face a one-off fee of £525, which is £75 more than they would have to pay now. A creditor petitioning for a borrower`s bankruptcy will face a rise of £100 to £700.
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Latest news
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Cost of credit card debt could rise
The cost of carrying debt on a credit card could rise along with the Bank of England`s base rate, as a major lender introduces a `radical overhaul` of the way ... -
Debt nears £10,000 before it`s `worrying`
On average, it seems people don`t tend to worry about their debts until they owe nearly £10,000. Recent research from moneysupermarket.com provides quite a few interesting figures. For ... -
1 in 10 pensioners still in debt
Nearly half (47%) of the UK`s pensioners are just `getting by`, as they struggle with the rising cost of living. So says a press release from a leading charity with ...