More bad times ahead for struggling debtors
In a metaphor muddle worthy of any local newspaper, if you’re standing on the edge of the debt precipice, the vultures could soon be circling, or at least that’s the case if two national newspaper reports are to be believed.
In some immediate trouble are punters who are struggling to repay credit card debts and personal loans. Citizens Advice have reported a huge increase in the number of charging orders made against homeowners who are struggling with unsecured debt. Next stop – home repossession. Bad fiscal juju all round.
Elsewhere, the era of credit card-hopping could be over as lenders become more choosy over who they take on as new customers. The trend for being a ‘rate tart’ and jumping from one 0% balance transfer deal to another is a dying art, leaving some borrowers facing a large unexpected hike in their monthly payments.
Do you fall into either of these categories or are you one of those smug, smart-arse types who has never borrowed in their whole lives and still believes bad debtors should be thrown into the workhouse? Maybe you know of a good balance transfer deal on offer at the moment or can recommend a loan shark with a fair interest rate and an ethical policy when it comes to bone-smashing. As ever, speak your brains below…