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Despite threatening to introduce one of the strictest regulatory environments in the U.K.'s history, Alistair Darling has this evening suggested he would go further if UK banks do not agree to...
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Saturday 26th July 2008
Multiple credit cards, overdrafts and loans are seemingly part of everyday life for many people in the UK and with the credit crunch hitting harder, more and more people are suffering deep financial distress. In the days gone by a simple debt consolidation would have allowed many to package their debts into one arrangement, lengthen the time to pay off the debt and also reduce the interest rate payable, but is this still an option?
A couple of months ago the opportunity to consolidate debts was a far gone dream for many with banks looking to cut the amount of debt on their books rather than repackage multiple debts. While the money markets have firmed a little over the last couple of weeks and mortgage rates have been marked slightly lower, the subject of debt consolidation has not moved back to the fore.
The fact that the economy has not hit the bottom yet means that many banking customers will feel more pain before things start to get better and the banks seem very reluctant to offer any new arrangements. This fact aside, the rates which debt ridden customers would need to agree to may make the whole process uneconomical in the first place. Debt consolidation will return to the fore at some stage, but not quite yet. |
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