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PPI: Homeowners advised to prepare for interest rate rises in 2011

UK homeowners have been advised to prepare for a potential rise in interest rates in 2011.

Chris Jenkins, creative director at digital marketing agency Dallas Matthews, expressed his belief that the combination of rises in interest rates and household bills could lead to an increase in homes being repossessed.

He said: "The combination of these increased outgoings could in turn lead to more repossessions.

"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."

Mr Jenkins added that Britons should be aware of any increases to mortgage payments to help to plan for their long-term financial security.

The Council of Mortgage Lenders has forecast that the number of repossessions is set to rise from an estimated 36,000 this year to 40,000 in 2011, while the number of mortgages in arrears is also set to increase.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his beltADNFCR-2776-ID-800297028-ADNFCR

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