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It seems like the interest rate in the UK is going to keep rising. It has been rising a lot recently and obviously this is a good news for people with savings. But what about those with mortgages? The rise of interest rate will cause a lot of problems to such people, including driving them into bankruptcy.

Who is at fault, really? Some people argued that banks are partly responsible due to the fact that they are lending money too easily to people without taking into account on whether they can really make the repayment or not. This then lead to bad debt and eventually drive people to bankruptcy. However, I don’t really think the bank has to take all the blame in this case. It is the responsibility of the public to be more informed about the ins and outs of a mortgage before taking them. People are still ignorant about a lot of things that relates to mortgages and home loans, such as the fact that there are things like mortgage payment protection and remortgages that might help them avoid bankruptcy or bad debt. Therefore, before taking up a mortgage, do your homework and weigh the pros and cons to avoid getting into trouble in the future.