Britain is facing rising debt problems not seen since the beginning of the financial crash of almost a full decade ago, and we could be heading for another crisis, warn the debt experts at Bell & Company.
“Nobody saw the crash of 2008 coming,” said Terry Bell, Principal Director of Bell & Company. “Now, we know the signs—and they don’t look good. Rising debt, run up on credit cards because of inflation going up and wages staying the same, looks set to bite back pretty shortly.”
Terry Bell’s warning comes as Mark Carney, director of the Bank of England, has ordered high street banks to justify loans to risky customers, and has also moved up the stress test to September rather than leaving it until November. Is this evidence alone?
Key concerns appear to be store cards, which function as credit cards for a particular shop, as well as personal loans and car financing. The aim is to let the credit bubble down slowly, rather than pop it and letting thousands and potentially millions of consumers lose their homes, cars and other assets.
Bell & Company urge anyone who thinks they might be in trouble to start tackling their problems sooner rather than later, possibly avoiding the humiliation of bailiffs or being unable to pay rent or mortgage repayments. Waiting longer could see circumstances getting a lot worse for people, having to pay debt bills before thinking about buying food or paying things like council tax.
Bell & Company can be found at http://bellcomp.co.uk/ and specialise in debt solutions for clients of all types; from corporate debt to personal debt, their experts give impartial advice tailored to clients circumstances which can steer customers away from debt and into financial stability.