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Debt burdened households

Report from Bank of England confirming the existing trend. With house price falls set to go much further and the banking crisis hardly started, as noted previously noted in the blog, the transition message of self-reliance resilience especially in food and energy is becoming ever more obviously important.

Debt burdens 'hitting households'

Many people have seen bills eat into their income
An increasing number of UK households are struggling with their debts, according to a Bank of England survey.

More respondents were finding their debts to be a burden than in any similar survey since the mid-1990s.

The study also found an increase in the number of people who had put off spending because they were worried they would not be able to borrow.

Nearly 2,500 households were interviewed for the survey in late September and early October.

Changing circumstances

A majority of respondents said credit had been harder to obtain over the course of the year.

About 4% of mortgages were estimated to be in negative equity, though this was expected to increase with continuing falls in house prices.

More than half saw a decline in their available income after paying tax, debt payments and utility bills, but only 3% said they had fallen behind with loans or other bills.

The Bank says that, after a period of steady growth and low inflation, the last year has seen an abrupt change in the circumstances facing British households.