Missing repayments is not a solution

London (online-unsecured-loans) June 23, 2007: Over the last 12 months, the Bank of England has raised the base rate of interest four times, making loans expensive by another 22 per cent. The current scenario is volatile in the sense that there is every likelihood of a further rise in interest rate.

Statistics from MoneyExpert.com reveal that around 230,000 Brits are missing repayments every month. In the last six months 1,389,000 repayments have been missed.

Sean Gardner, chief executive at MoneyExpert, said: "The concern has to be that people are missing repayments on unsecured loans because they believe there's not as much at stake as missing a mortgage repayment".

"Missing repayments is not a way to manage your finances. People doing that are risking damage to their credit rating and, potentially, court action. Burying your head in the sand is not the way to deal with financial problems," said Mr. Gardner. 

It is desirable that you take out unsecured loans or personal loans only after shopping around because there is every chance that you may still get cheap unsecured loans at around 7 percent.

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