Motley Fool: When Mortgage Arrears Loom
September 13th, 2006
In the last year, more than three quarters of a million people have missed one or more mortgage payments. So says the national charity, Citizens Advice which is concerned that rising inflation is likely to lead to further rate increases thus exacerbating the situation. After all, missed mortgage payments ultimately lead to repossession.
According to the Council of Mortgage Lenders, long-term arrears are still at relatively low levels although repossessions are up slightly but, nevertheless, considering all the main debt advice agencies have been reporting big increases in the numbers of people phoning their helplines, there is certainly cause for concern….
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