12-27-2007, 10:16 AM
Quote:Debt charities are gearing up for the busiest January on record as the financial hangover from an expensive Christmas kicks in. The Consumer Credit Counselling Service and Credit Action, two leading debt charities, predicted that they would receive more calls from borrowers worried about their finances this January than in previous years.
The credit crunch, coupled with five interest-rate rises, has left tens of thousands of borrowers struggling. It was hoped that the 0.25 per cent cut in the interest rate at the beginning of the month would ease the burden on homeowners, but many mortgage lenders have yet to pass it on.
In addition, shoppers have spent an estimated £34 billion on their credit cards this month, up from £31 billion last December, according to the Association of Payment Clearing Services, the credit card industry body...
full article: http://business.timesonline.co.uk/tol/bu...097640.ece