Timing Why Now

Household Dept has been building up over the last 10 years it has now reached a level where consumers have a debt of approximately £1.4 trillion collectively, and people are being repossessed every day. 

People are finding it difficult to borrow more money to help support their spending, and because property prices have reduced considerably. It has become very difficult to release equity or secure a loan against your home. So it has become clear to the government and the public, that the cost of living in the U.K has risen considerably.

Debts have been mounting higher and higher and it has left a lot of people with very little personal money to spend. This is having a major impact on the downturn of the economy, because people don’t have the money to spend. Many people are concerned about not having the employment security they had in 2007. The unemployment levels have risen, which has also reduced the total U.K spending power.  This has also had an impact on the number of properties being repossessed