Home owners across Scotland are bracing themselves, with debt levels expected to soar as an interest hike is looking even more likely than before because on Tuesday September 22nd 2015 the FTSE 100 tumbled over one hundred and twenty points in the duration of two hours. This saw the FTSE hit its lowest ever level since the ‘Black Monday’ market crash in 2008. This massive point drop saw over 100 of the leading FTSE companies to be wiped of £44 Billion ($67.3 Billion) with the mining stocks being the bigger casualties. With the fall off oil prices were dropping sharply by 2.5% and copper hitting a two week low played a massive part in the market crash.
Analysts still continue to express their concerns about the stability of the market after The Shanghais Index fell by 8.5% during the ‘Black Monday’ market crash in early August 2015 as it was its biggest drop since back in 2007.
The Market Crash had a lot of negative response with The Guardian comparing the pattern of losses during China’s Black Monday to the Wall Street Crash of 1929 also knowing as ‘Black Tuesday’. Damian McBride, a former adviser to British Prime Minister Gordon Brown, stated the coming crash would be twenty times worse than the financial crisis of 2007–08. He advised everyone to have a rendezvous point to meet loved ones, and to stock up on hard cash, canned food and bottled water.
The world market’s response from Dow Jones Industrial Average – In the week prior to Black Monday, the Dow Jones Industrial Average had fallen over concerns about the Yuan, low gas prices, and uncertainty over the U.S. Federal Reserve’s moves to raise interest rates. On Black Monday, the Dow dropped 1000 points at opening, the largest drop ever.
Here is a short summary on how the Chinese market crash affected:
The US stock market has suffered its biggest sell-off in four years. The Dow Jones ended the day down 588 points, having shed more than 1,000 points in early trading.
European stock markets suffered their worst days trading since 2011.
The S&P 500 and Nasdaq are both in correction territory, down 10% on their recent peaks.
(source: guardian.co.uk)
This means that a lot of people who are paying mortgages and are already being squeezed in today’s financial climate are going to be going into the red much deeper than they have experienced before. With this happening, we are likely to see debt levels significantly increase and the average debt for a an adult in Scotland could rise sharply from £15,500 putting a lot of families into a severe financial avalanche, leaving a much more difficult route to clearing debt and getting back on an even keel.
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