UK Money News
13th December 2007
Consumer confidence 'relies on avoiding trouble with debt'
It is important for the economy that consumer confidence is maintained - and this relies in part on ensuring that people do not find themselves in trouble with debt.
So claims the Association of Mortgage Intermediaries (AMI), which has stated that its members and lenders must act responsibly to make sure that people coming to the end of fixed-rate deals do not find their new product is too expensive.
The body states that, when they compare mortgages, people reaching the conclusion of their current arrangements are likely to see costs rise dramatically.
However, should many people find that they need a lot of help with finance then consumer confidence will suffer, as will the economy as a whole.
Chris Cummings, director general of the AMI, said: "Borrowers who are coming out of fixed-rate mortgages may find the sudden hike in payments a huge shock and suffer financial strain as a result."
In other money news, this week Citizens Advice has released Set Up to Fail - a report criticising the mortgage industry's lending practices in terms of the subprime market.
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