Certainly it will not the same as the consequences the Credit Crunch will have on the working class .
The number of people seeking advice from the Citizens Advice Bureau about how to manage their debts has surged by a third in the past year according to this BBC report. 77,000 new callers in England and Wales with mortgage and loan arrears.
"These figures show how the current economic situation is hitting vulnerable and low-income households the hardest."
Mortgage lenders, on average, started repossession action when people were four months into their arrears. No government bail-out or rescue for the poor .
House repossession was rated as the event most likely to cause mental health problems according to a survey.
"Even for people lucky enough to hang on to their home, the stress and worry of arrears building up can be enough to harm your mental health - this survey shows it worries millions of us."
Every day, 104 properties are repossessed and the average household debt is £9,500 (excluding mortgages).
ReplyDeleteAccording to the debt charity Credit Action, one person is declared bankrupt or insolvent every five minutes in the UK.
£9.9 billion of means-tested benefits which went unclaimed
http://uk.news.yahoo.com/skynews/20081011/tuk-uk-bankruptcy-every-five-minutes-45dbed5.html