Bad debt increases for first time since 1992

Financial services analyst Datamonitor says 2005 saw bad debt indicators change direction with mortgage arrears increasing for the first time since 1992. Data from the Council of Mortgage Lenders (CML) reveals repossessions totalled 10,250 by the end of last year while the number of households in arrears on their mortgage repayments had risen to 105,990. Further evidence of households failing to cope with increasing levels of debt comes in the form of County Court Judgements (CCJ). The number of people receiving CCJs again rose for the first time in over a decade with 573,231 CCJs issued ...