UK Money News
18th April 2008
Indebted Britons 'face struggle this year'
Borrowers who rely on debt to manage their finances will find it increasingly difficult do so this year, a UK debt charity has predicted.
According to Sainsbury's Finance, an estimated 716,000 consumers will attempt to transfer £1.1 billion of debt between cards this year as they attempt to take advantage of cheap interest-free balance transfer offers.
However, Beccy Boden-Wilks, a spokesperson for National Debtline, predicted that many are likely to find their applications turned down as such deals become "very hard to come by, if not non-existent".
Ms Wilks added that the effect of credit card providers tightening their criteria for such offers has already begun to impact on consumers.
She commented: "One of the major effects of the credit crunch is that people can't manage their large amount of debt as cheaply as they could before; this is having a knock-on effect, which is why at National Debtline we're seeing increases in mortgage arrears.
"If people can't afford their non-priority debts anymore sometimes they'll stop paying their mortgage as well. It’s definitely having a knock-on effect."
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