Secured bad credit loans were seen with a bit of contempt in times gone by. Now they make complete sense, and we should be glad. Official UK figures indicate why!
According to CreditAction.org.uk ‘At the end of December 2005 the total UK personal debt was 1,158bn. Total secured lending on homes in December 2005 was 965.2bn. This has increased 10.4% in the last twelve months.’ This is while the average British consumer debt is 7,786, and that is not taking into account mortgages.
Average household borrowing through credit cards, vehicle and shopping finance deals has increased five times in five years. Yet the typical house price in the UK in November 2005 stood at 186,431 (source: Office of DPM).
The figures speak for themselves. The much higher rates of interest payable on credit cards, auto and retail finance (store cards etc.) take a huge chunk out of the typical person’s monthly earnings. The single sensible way forward is quite obvious. Consumers need to convert the high interest credit into lower interest credit by using their property by way of security. Even if people’s credit standing is quite poor it makes even more sense...
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