Recession 'increasing need for debt help' for homeowners
A growing number of homeowners are facing the prospect of repossession as a result of the recession, it has been stated.
The Money Advice Trust has noted that more people are now finding themselves in financial difficulty, leading to an increase in the need for debt advice.
Spokesperson for the charity Beccy Boden Wilks said that it is "really difficult" to predict whether repossession figures will stop rising, adding that recessions tend to last for around five quarters.
"The demand for debt advice has never been greater but how long that is going to last depends on lots of other things," she remarked, adding that banks may need to start lending again before there is a recovery.
Those living in London but hoping to avoid the possibility of repossession may prefer to rent a house or flat rather than buy.
According to the Financial Services Authority, nearly 340,000 people were in arrears on their mortgage payments in the third quarter of last year - 30,000 more than in the previous three-month period.
Published 29th January, 2009
© 2009 Estates IT Limited
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A growing number of homeowners are facing the prospect of repossession as a result of the recession, it has been stated.