Debt Repayment Problem for Tenth of UK
As debt becomes a great burden for more people throughout the UK, almost tenth of British borrowers have missed repayments to one or more of their debts. As economic problems hit home, it seems that more and more people are having problems controlling their debt management issues.
According to MoneyExpert, almost 11% of people with a mortgage and unsecured debts, such as a credit card or unsecured loan, have missed these debt repayments within the last six months alone.
It appears that our unsecured debt is causing us the biggest worry, as credit cards and unsecured loans are offering us the biggest debt problems. Almost four million credit card holders admit that they have missed a payment to their credit card debt during the past six months, and over one million have missed payments to their unsecured loan.
Even more worryingly, the number of people who are missing payments to their credit cards equates to around 9% of the adult population in the UK.
Director of MoneyExpert, Sean Gardner, commented: “Interest rates may have been pushed down through 2008 but increased pressures from rising food and energy bills mean consumers are struggling to keep their heads above water.