Property Rescue Blog

Just two years ago, the rate of people 55 and over who were planning to work beyond the state pension age was at 40%. Research shows that number has now jumped to 71%, which suggests that the current recession has decreased house values, investments and pension pots.

According to experts, the average UK household will have to spend a full 15% of their net income just to cover the interest payments on their personal debt.

As the economic crisis continues, increasing numbers of households are resorting to borrowing money on their credit cards to pay their mortgages or rent. In 2009, millions of renters and homeowners, totaling 6% of UK households, used this method of payment.

Average consumer debt and household debt in the UK continues to increase.

Despite the government’s plans to increase competition to improve bank customers’ experiences, consumers are facing increasing branch closures and increasing charges.

It is no surprise that the UK will be facing a long recovery in order to correct the negative impacts during this economic crisis.

Research shows that more than 1 in 10 (16%) workers who currently have a pension report that they have recently stopped contributing to their pension at all, or reduced their contribution amounts, due to the credit crunch and tough economy.

Bad debts have reached significant, historic highs and average borrowing has increased 5% per credit card, surpassing £1,000 for the first time ever.

Christmas time is a festive time of year, but it can be expensive. It's easy to overspend and get into debt.

In October, 2009, UK annual house inflation dropped once again, this time by -2.1%. As reported by the Department for Communities and Local Governments (DCLG), as of October, 2009, the average house price in the UK is now £198,450 (£204,642 in England).