Penalty Charge Complaints Increasing
The number of consumers defaulting on their debt has doubled in the last year, partly due to the 4 Bank of England interest rate rises in the past 12 months.
According to the Council of Mortgage Lenders, nearly 60,000 mortgage holders were between 6 months and 3 months behind on their mortgage payments.
With the average consumer now having to fork out a staggering 9% of their income on personal debt repayments, it's no wonder that more and more desperate householders are failing to keep up with ever rising levels of debt.
Money Review's Opinion
Money Review believes that a great way to protect yourself from interest rate rises is to get a fixed rate loan, such as a secured personal loan. Normally unsecured personal loans and remortgages are variable rate, although remortgages can be fixed, but normally at a higher cost.
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