The number of people having to declare personal bankruptcy during the Credit Crunch and having their home repossessed is on the rise, which isn't surprising according to the CML.
The group say that the rising cost of living combined with the Credit Crunch makes it almost impossible for many consumers to stay clear of serious mortgage arrears and debt.
Michael Coogan the CML director general commented, "It is inevitable that borrowers will come under pressure in the current climate and that's why lenders, government and the advice sector are working closely together to minimise the impact on borrowers."