Mortgage and Credit Card Defaults Surge as Interest Rates Bite
As Christmas approached, lenders reported a spike in defaults on mortgages and credit cards, a trend expected to persist, according to insights from the Bank of England. Households are feeling the pinch, reaching a financial impasse as consecutive interest rate hikes impact homeowners. The fourth quarter of 2023 saw a discernible rise in mortgage and […]
British Banks Brace For Defaults
With inflation stubbornly high, it seems fair to assume that further interest-rate increases are on the cards, this could lead to loan defaults. On the one hand, bringing down inflation should benefit everyone. On the other hand, raising interest rates will definitely hurt people with any form of debt. That includes mortgages and student loans. […]