Bad Credit Mortgage Demand Increases As London Tops The Consumer Bad Debt Table
Consumer bad debt continues to increase in the South East and in London City in particular. Bad credit mortgage figures aren’t even included in the statistics as they’re based solely on unsecured debt, according to a recent survey.
The largest indebted districts are the City of London with average consumer borrowing of £41,002! This is followed by areas such as St. Albans at £32,650, Watford at £30,748 and Stevenage on £31,533 all in Hertfordshire. This is closely followed by South West London at £30,251.
Remember, this excludes general mortgages, bad credit mortgages and secured loans so the overall situation is more dire than first imagined.
Whilst it’s acknowledged that the poorest get into debt most often it’s also come to light that when the middle class or wealthy get themselves in financial trouble they tend to owe considerable more.
The substantial debts found in the City of London, St. Albans, Watford and South West London may be due to the fact the middle class’s have been allowed to rack up very large debts because of their high incomes, but have suddenly lost their jobs in the ongoing credit crunch.
No wonder the demand for debt consolidation bad credit mortgages continues to increase as one solution to the problem of unaffordable high interest short term loans, car finance and credit and store card payments.
However this favoured solution for many is now becoming more and more difficult to attain due to the ever increasingly strict lending citeria of high street and specialist sub prime lenders. To get the latest update make sure you contact The Bad Credit Mortgage Centre right now….
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