Home repossessions occur every 15 minutes

Tue, 08 Nov 2011

A property is repossessed in the UK just less than once every 15 minutes, new findings have shown.

According to Credit Action's latest debt statistics, this occurs every 14.6 minutes - with factors such as a tighter squeeze on household budgets, record levels of inflation and climbing unemployment cited as reasons for the trend.

The study also revealed the average household debt including mortgages currently lies at £55,795, with the amount typically owed by a UK adult - again including home loans - recorded at £29,532.

Such high levels may mean homeowners find they are at increased risk of home repossession in the near future.

Keith Tondeur, president of Credit Action - which was established in 1994 - said: "Consumers still need to be careful about the rates of interest they pay, particularly given the range of other pressures they are also dealing with at the moment."

The industry figure went on to point out many people may be looking to borrow cash to see them through the Christmas period, but warned individuals should try to avoid taking more than they are capable of paying back.

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