Socialist Worker

Household debt and repossessions on the rise

Issue No. 2133

  • The average household debt increases by over £6.30 every day
  • Some 2,430 Consumer County Court Judgements (CCJs) for debt are issued every day
  • On average 124 properties were repossessed every day during the last three months. The Council of Mortgage Lenders estimates this will increase to approximately 205 a day this year
  • Government figures say that 44 percent of mortgage holders are worried about being able to meet their payments and 47 percent of local authority and housing association tenants are worried about being able to pay their rent
  • Some 422 mortgage possession claims are issued and 323 mortgage possession orders are made every day
  • Around 405 landlord possession claims and 308 landlord possession orders are issued every day
  • Some 41 percent of private renters fear that they won’t be able to pay the rent over the next 12 months
  • Someone is declared insolvent in Britain every 4.8 minutes on average
  • Over 3.7 million people are failing to cope with mounting credit card bills and 1.02 million people have borrowed too much money and can’t keep up with mortgage repayments
  • Some 12 percent of adults – around 5.37 million people – have missed paying a household bill in the past six months
  • Around 25 percent of adults are said to be struggling financially
  • More than one in five homes on the market are there because their owners cannot afford to keep up with the mortgage payments
  • Around 470,000 mortgages are estimated to have been in negative equity in late September 2008
  • More than half of households in Britain have unsecured debt according to recent figures from the Bank of England

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