Sunday, July 6, 2008

Approximately 4.1 million households have fallen into this trap in the past year

Rising housing costs force seven per cent of people to take out personal loans in the past year

The research from price comparison site moneysupermarket.com also found nine per cent of people have had to spend a lot more on their credit cards because of increased housing costs. Twenty per cent of people in their forties have been forced to turn to loans or credit cards to keep their heads above water. And with £30 billion worth of mortgage deals coming to an end in July, many more people will be thrown into the vicious situation of facing much higher monthly repayments.

Posted by converted lurker @ 05:30 PM (705 views)
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One thought on “Approximately 4.1 million households have fallen into this trap in the past year

  • If you are having to spend on your credit card for day to day costs then you aren’t keeping your head above water you are sinking fast.

    This will lead not only to an increase in personal bankruptcies but will lead to further problems for the banks.

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