Personal Debt in the UK

(PRLEAP.COM) Personal debt in the UK reached its all time high in June 2005 and touched pound 1.1 trillion. According to the Bank of England, the total debt is 150% of the annualized aggregate post-tax income.

It is being observed that the Britons are finding it very difficult to repay their debts. Actions entered by lenders, the first stage of repossession, rose 55% over the last one year. A research shows that over 558,000 pensioners are still repaying their mortgages.

The home loan market is also showing a growth. In September 2005, the total amount of mortgage loans given to home buyers reached its highest level since July 2004. The average house price for the first time buyers in the UK has also increased. Because of this, many first time buyers have had to borrow money to afford a deposit on a home.

About the Author:
The author is a business writer specialising in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Shakespeare Finance as a finance specialist.

About the Site:
http://www.shakespearefinance.co.uk is a Finance website designed to bring you the very best the loan industry has to offer. Specialising in Personal Loans, Secured Loans, Home Improvement Loans and Debt Consolidation Loans the website brings a wide variety of loans from among the ones mentioned from various lenders across the market. Customers may get quotes, call the customer service or simply apply online to access the different loans available. The loans calculator provided also helps to gauge the different parameters that are involved in loan application and approval.

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