Further, consumers who utilize more than 50 percent of their credit lines will see their credit scores drop, which lowers not only the cost
of personal borrowing but makes borrowing from a bank or other lender more costly.
However,
personal borrowing for non-housing purposes has also been strong recently, increasing at an annualised rate of 14.6 per cent over the six months to June.
The renewed focus
on personal borrowing came as the Bank of England raised the base rate to 5.75 per cent.
When Gordon Brown let house prices rocket and
personal borrowing get out of control, the Conservatives said yes, and only Liberal Democrats said no.
Personal Borrowing Sometimes, real estate agents face difficulties obtaining their own mortgage, simply due to the way they report their income.
Mr Cable said: «The government is only just waking up to the problem, despite the fact it has been warned for years that there were great economic dangers from the bubble in the housing market, linked to exceptionally high levels
of personal borrowing.»
When evaluating the interest implicit in the Futures contract remember that the interest you would pay
on personal borrowings would be tax deductible at your full rate, while the futures contract will be taxed as capital gains.
Today's borrowers often turn to family members, friends and peer - to - peer lenders for
personal borrowing.
For the business owner, the goal is to separate business borrowings from investment or
personal borrowings and, whenever possible, to borrow for or through the business.