Coping With Interest Rate Rises: How One Missed Payment Can Lead To Repossession If Left Unchecked
The last time interest rates were reduced was in August 2005; set at 4.5% they remained there for a year before increasing by only 0.25%, small jump perhaps but a significant one nevertheless. That quarter percent increase was the first in four interest rate jumps over the course of a year.
With Bank Of England base rate now at 5.5% – and with forecasts predicting further interest rises – its hard to believe that the rates were as low as 4.5% less than two years ago. While it may seem a small rise compared to the black days of the late 1980s, the financial climate is very different these days.
Personal debt including mortgages is higher than ever and the number of people finding it difficult to pay the bills each month is getting larger and larger. Statistics suggest that most people have a very fine financial balance with hundreds of thousands struggling to pay the bills each month.
This financial juggling act can be totally thrown by an increase in interest rates. Even a quarter percent can be enough to throw everything off...
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