Bad Credit on the Rise
Thanks to the Bank of England, the utlility companies and the oil companies our pockets are getting squeezed more than ever, simple facts:
- Mortgage Payments - UP
- Gas and Electric Bills - UP
- Petrol/Fuel Bills - UP
I cannot believe how much of an extra squeeze there is on the monthly budget, but where is the line drawn? How much longer can the people of England be continually subjected to the high cost of living that we do?
It is only a matter of time before the squeeze that householders are currently facing/enduring takes its toll and money becomes so tight that paying back a credit card becomes a problem or paying a household loan becomes a problem or more worringly, paying a mortgage becomes a problem!
Inflation is down to one organisation - Tony Blair’s corrupt government!
Gordon Brown could have rduced the excise duty on fuel, this would have at least taken the heat out of the additional income that has been created through increased fuel costs. The government is not totally at fault, let’s take a look at the shitty energy suppliers- what a bunch of wankers they are. Only today Powergen announced they were lowering prices - Hooray! - The bad news is this is only for new customers!
So if you are already with Powergen, you’re fucked!
British Gas suggested they may lower prices in the Spring, that’s nice of them. The question is, why are these greedy bastard companies so fucking quick to increase prices, yet when the raw cost of energy is reduced they take months to pass the cost saving on?
If the government were that concerned with inflation, surely they would be applying pressure on these companies? A reduction in household bills would help reduce the inflation level which has crept up to 3%.
All the time is stays as high as this, you can expect the Wank of England to carry on increasing interest rates.
These are scary times for a shit load of families. Seriously, it will not be long before bad credit becomes a worse problem than what it already is.
It won’t be long before the likes of Ocean Finance are breathing down your neck hoping that you will consolidate your loan with them. There are stacks of specialist Mortgage companies already offering Mortgages and Remortgages for people affected by CCJ’s, a poor credit history or even worse Bankruptcy.
My question is how long before these companies become the mainstream lenders? The high street lenders wont touch you if you have a poor credit history, so more and more people are going to find themselves remortgaging at a far higher rate.
I know someome who has a piss poor credit history, yet they were offered a mortgage by National Guarantee, but ait fir this bit, the interest rate was 11%.
11% - Frikking Hell - 11%, That kind of interest rate would squeeze your knackers harder than a whore with a vice!
So how can a company like National Guarantee get away with that high interest rate? Easy, because they are taking a risk, they are putting their necks on the block. You wouldn’t get the likes of Barclays, Woolwich etc offering my mate Mr Debt a mortgage, they only like the safe bets!
Take my word for it, there are going to be stacks of people struggling very soon, people are mortgaged up to the hilt. Remember the name for Bad Credit Mortgages - National Guarantee - You may soon need them!
Written by MrCrip on January 31st, 2007 with
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