Press Release Summary: The price rise has hit a near six-year high, the economy is slowing and house price growth has slumped to its lowest in three decades so it is little surprise that repossession orders and bankruptcies are on the growth.
Press Release Body: LONDON - Thursday, May 22, 2008 - (Ask4loan) - As per the Office for National Statistics, the inflation ran at 0.8 percent from March to April, stirred up by increases in food and fuel prices and pushing the annual rate to 3 percent. This was higher than analysts\' consensus of 2.6 percent and further dented hopes for interest rate cuts despite a slowing economy.
To shore up the economy in the wake of the global credit crunch, the Bank of England is under pressure to continue to cut the official rate of interest, which has been reduced to 5 percent from 5.75 since December.
The figures show that there are more people in England and Wales are just one step away from losing their homes than at any time since the early 1990s. In addition, according to the Ministry of Justice, the Court orders for mortgage repossessions rose by 17 percent in the first quarter of 2008 compared with the same period in 2007, hitting 27,530.
Liz Bingham, the corporate restructuring head at Ernst & Young said that \"This trend, with worrying echoes to events in the US, is quite unsustainable\". \"The lenders also intend to reduce the amount of unsecured debt available to consumers this quarter.\" He added.
However according to some experts, there are some steps that can be taken to try to beat the credit crunch and overcome debt afflictions. The steps are as follows
* The hard-pressed homeowners should check the terms of their mortgage to see if they are eligible for a break from their monthly installments.
* Chopping up your credit cards might seem like a good idea if you find yourself with unmanageable unsecured debts; however, such dire action could you\'re your life difficult in the upcoming times.
*The Pre-paid is one of the fastest growing sectors in the payments industry, its popularity driven by the fact that such cards are simply bought over the counters. Moreover, as these cards are opposed to being linked to a bank account, these cards offer security of payment without the risk of over-spending.
* One should sincerely consider all the options, including IVAs and debt management plans, and be aware of the long-term implications of bankruptcy as this may bring problems to your life, not just in the terms of getting new credit but for job and career prospects also.
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