July 7 - (LPAC) -- The opposition Conservative (Tory) Party
will release a report this coming week saying that personal debt
- including mortgage debt - has now soared to 1.38 trillion
pounds ($2.76 trillion) , as interest rates continue to rise.
Mortgage debt is some 1.1 trillion pounds, with the "average"
outstanding mortgage at over 95,000 pounds ($190,000). The Daily
Mail today reported that this debt level is the equivalent of
almost 55,000 pounds ($110,000) per household, an amount twice as
high as most nations of the European Union. The debt balloon has
tripled over the past 30 years, and spiked during the last 10
years of Labour Party government. Some 9 million Britons have
"serious" debt problems.

The Tories "Social Justice Policy Group," led by former leader
Iain Duncan Smith, has written the report to be published this
week. Of course, the Tories launched Thatcherism, which blighted
British industry, education, and its national health system, a
policy which Tony Blair and Gordon Brown have carried to
extremes. Under the current "voluntary" bankers' code, credit
companies are not legally restrained from charging interest rates
over 100% for short-term loans.

There will be more havoc on the mortgage front. Of the U.K.'s
11.6 million mortgage-holders, about 2 million will come off
fixed-rate mortgages in the next year and a half, and will have
to pay an extra 100 pounds ($200) per month just to service the
debt, the Daily Reckoning reported yesterday. Personal
insolvencies rose to over 30,000 in the first half of 2007, up
almost 24% on that period in 2006.