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Keep debt-free by planning ahead for interest rate raise

Keep debt-free by planning ahead for interest rate raise

- Thursday, 16 December 2010

Homeowners have been urged to not bury their heads in the sand about an increase in interest rates so that they can avoid getting into debt problems.

That is the advice of Chris Jenkins, creative director at Dallas Matthews, a digital marketing agency.

He stated that an increase in interest rates will put more financial pressure on homeowners as their mortgage repayments may increase.

Mr Jenkins said: "My advice to homeowners would be not to bury their head in the sand. Interest rates will rise sooner or later and you need to prepare.

"Knowing the amount that payments will increase by will help to plan for the long-term and stay debt free."

Therefore, homeowners should find out how much their repayments will increase by from their lenders so they can set some money aside and avoid needing debt help in the future.

Mr Jenkins made these comments as the Council of Mortgage Lenders revealed on December 15th that repossessions may increase next year.

It predicted that repossessions will increase from 36,000 this year to 40,000 in 2011.
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