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UK Takes Ride on Rollercoaster on a big dipper
The UK appears to have commenced a ride on a big dipper as output has dropped in the final quarter of 2010 and risks being dragged back into recession. Figures this month showed the economy has gone into reverse. The nation suffered a 0.5 per cent drop in output for the final three months of last year. The severe weather which crippled the nation in December has been blamed for the fall. But even taking snow out of the equation, this would mean the economy was still at a zero, or standstill, contradicting previous forecasts of growth of between 0.2 and 0.6 per cent. The data has re-ignited fears of a double-dip recession and has ended 12 months of growth, leaving the economy just 1.4 per cent up in 2010 - well below analysts' predictions. As a result, rates being offered by us as a mortgage broker are starting to reflect uncertainty with many lenders starting to price in a rate increase in the not too distant future.
Perhaps as a result of difficult times more than two million people used their credit card to pay their mortgage or rent last year according to alarming figures from Shelter. Nearly one in ten of those in private rented accommodation used their credit card to cover the housing bill in the year to August 2010, while about 8 per cent of mortgage borrowers did the same, the housing charity said. In many cases, residents struggling to make ends meet have withdrawn cash from their card to pay housing costs, pushing them deeper into debt. According to Moneyfacts, the financial website, while the average interest rate charged in credit card payments is about 16 per cent, the average interest charged for cash withdrawals from a credit card account is much higher at 25 per cent, with some lenders charging up to 49 per cent interest.