/24-7PressRelease/ - LONDON, UK, June 25, 2006 - Borrowers have started getting worried about their debts. With the stock markets falling and interest rate expected to raise people are expecting troubles ahead in repayments. The increase in interest rates will add burden and borrowers may struggle to repay.
The expectations of rise in interest rates and the melt down in stock market have made people worry about their repayments in credit cards, personal loans etc. The availability of money has convinced people to take on more debt than ever. The average personal debts have increased from 10,100 to almost 20,000 in the last ten years. More than 75 per cent of the debt is accounted in the form mortgages.
The increase in interest rates will add burden and borrowers may struggle to repay. For example, a borrower may find it difficult to meet monthly repayments if they lose their job.
Experts believe that government has to take precautionary measures to save people from difficult times ahead. "The fall in stock market is affecting the lending market and a big crisis cannot be ruled out" they said.
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