A lot of my British friends are groaning. The reason - interest rates have gone up again with the result that they have to pay more for their mortgage. A lot of people, especially the people with lower incomes are finding it hard to pay the mortgage. I don't agree with the accusations that banks were lending money too easily as my friends mentioned that they had to show that they had a regular income and property in certain case in order to get their loans.
Initially I used to thing that people who saved up and bought their houses by cash were stupid but with so many people falling into bad debt problems, I have begun to wonder whether those guys who save up money to buy their houses with cash are stupid after all. Now they are the ones laughing as they have a house and no debt even though it took them a little longer to get their own house.
Anyway, there might be some ways out if you are already in the debt trap. You may actually able to pay lower. In order to find out, just go over to the 'The Thrifty Scot' site and see whether you are paying way too much for your mortgages. All it take 3 steps and filling up a few things.
That's not all, the site has some great articles and advice on bad credit remortgages as well as debt consolidation.