MILLIONS OF people are struggling to manage their debts as the recent interest rate rises and the high cost of living take their toll. Experts predict that the worst is not yet over as the global credit crisis pushes up mortgage rates.So does this:
Beccy Boden Wilks, of National Debtline, said: "High house prices mean that many borrowers have stretched their budgets to the limit just to get on to the housing ladder. So it doesn't take much to knock them off balance."
Such is the news from Scotland. See Tackling debt must start with some real home truths. Just another bit of news showing the global economy at work.Mervyn King, governor of the Bank of England, has warned households to expect higher mortgage and loan rates because the current global credit shortage has made it more costly for UK banks to borrow money.
But consumer campaigners suggest that banks are partly to blame for the debt casualties, arguing that they have been too quick to lend money to people who cannot afford to take on more debt.
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