Chris Cantell Discusses UK News: British consumers can live without mortgages

by Corina Ciubotaru

The global credit crunch is starting to show its many results and one of them is that consumers now take much less credit than before. Banks and other lenders have toughened their conditions for issuing a loan and this came as a shock for the consumers, whose lack of liquidities is what caused this mayhem in the first place. Effects of the credit crisis appeared all over the world but they were most felt in the U.S. and the U.K. where lending is still being done with great caution. Personal loan rates have increased by 4 percent and over 60 mortgage applications have been rejected last month, but consumers are starting to repay some of their debts and all signs point to a recovery in 2008. In the UK, most debts are in London, followed by Liverpool and Birmingham and some consider them to be mainly due to Brits impossibility to save money and their reliance on credits because of the high cost of living. Some good news for homeowners is that interest rates will go down next year, contrary to some expectations, and reach 6 percent. The Bank of England raised the rates to a six-year high of 5.75 percent and it made consumers take care of things like bills and savings, instead of borrowing. But even though they naturally adapt to changes in the market, regular consumers don't actually understand what is happening to the British economy. A recent study showed that 70 percent of Brits lack even the basic understanding of things like interest rates.

related story: http://uk.news.yahoo.com/rtrs/20071023/tuk-uk-britain-debt-fa6b408_1.html

by Corina Ciubotaru for PocketNews (http://pocketnews.tv)

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