Bank Cautious Over Another Reduction Could Spell Trouble, According to The Debt Counsellors
Today The Bank of England voted to maintain the official bank rate on commercial bank reserves at 5.25%, which is keeping people wondering about the future.
(PRWEB) March 8, 2008 -- The Bank of England's announcement today, although not unexpected, does add anxiety to the already nervous industry with many lenders becoming more and more cautious about lending and the inherent risks that involves, says The Debt Counsellors.
The general consensus amongst mortgage brokers is that lenders are becoming overly fussy when lending money, especially in regards to mortgages. Matthew Murray, Senior Mortgage Advisor at EA Money said today ' We are coming up against more and more fussy lenders. Some cases are just not getting though the underwriting, where last year the same case would had flown though, it make the whole thing more frustrating for the Broker, and Client'.
Last week the FSA announced tougher rules in dealing with lenders and their frivolous attitude in some cases, which aidded in people over stretching themselves, but now it seems the opposite if becoming true. Or is it? Recent survey results from The Debt Counsellors www.debtcounsellors.co.uk shows that out of 570 who have taken part, 178 (31%) said they had more that four credit cards, so maybe people are still getting credit, but are they already in trouble?
Is it a case of shutting the gate after the money cow has bolted? With so many questions the country; and especially the economy needs stabilising, but with rates moving up and down and with inflation continuously at a fairly high level it adds to the worry banks and lenders have about the future and as we are seeing. If banks and lenders get nervy, then the whole system slows down. If people can't get credit they can't spend, and this could mean a slowing down of the economy on a massive scale.
To find out more about how The Debt Counsellors can help reduce your debt burden and how to become debt free in 36-60 months, please call: 0800 018 6018 or visit www.debtcounsellors.co.uk
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