Borrowers ’should be careful of stretching themselves’
Consumers should beware of borrowing in the current climate of rising interest rates, according to the Building Societies Association's (BSA) head of savings policy.
Speaking today, Brian Morris said that those considering products such as mortgages should "be careful about overstretching themselves" and should only take on this kind of debt "if they can afford it".
Figures also show a fall in saving inflow of 12.3 per cent among building society account holders in June this year when compared to the same period in 2007. Mr Morris argues that the data demonstrates "households are finding their finances increasingly tight and that despite the higher rates of interest available, they are having difficulty saving".
The BSA has also provided a range of advice for people finding it difficult to make their mortgage repayments.
This advice includes to contact their building society as soon as possible and to work out a repayment plan.
© Adfero LtdYou can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.