For the first time, the amount of money owed by UK consumers has reached £1 trillion  The Bank of England says that consumers owe more then £1,000 billion on loans, credit cards and mortgages.

The Bank of England says that around 80% of personal debt is secured against homes, which raises the risk of repossessions for those unable to keep up with repayments.

The National Consumer Council says that around six million UK families are struggling to keep up with repayments, and recent rate rises are making the situation worse.

Also, the Citizens Advice Bureau has said that the number of people seeking advice about debt problems has increased by 44% over the last six years.

The Bank of England played down concerns over the growing debt- saying that the £1 trillion figure was not a big problem, as consumers have seen a concurrent rise in the value of their financial assets.

Still, there are those who believe that any more interest rate rises will plunge many more people into crisis, as they struggle to meet repayments.

As most debt is secured against property, this means that people will ultimately face the problem of repossession if they cannot keep up with repayments.

There were 21,931 house repossessions in the first quarter of 2007, an annual rise of 1%.

If you are experiencing problems with debt and want to avoid repossession, get in touch with Molae Properties we can arrange for you to sell your house quickly, and help you to stop the repossession process.