UK Money News
21st January 2008
Trouble with debt 'sees consumers miss mortgage payments'
Trouble with debt has seen millions of overstretched consumers around the UK miss their mortgage repayment deadlines, according to recent research.
Figures compiled by MoneyExpert suggest that more than 450,000 homeowners have missed mortgage payments at some point since July of last year.
Young homeowners aged in their 20s or 30s are among those most likely to have missed a mortgage payment due to trouble with debt during the past six months and these personal finance problems are believed to have been made worse over the festive period.
Sean Gardner, chief executive of MoneyExpert, said: "If you are struggling to afford the repayments then now is not the time to stick your head in the sand.
"It's clear that many homeowners are feeling the strain of successive interest rate hikes but if the result is that you can't pay your mortgage then you should take action immediately."
Millions of Britons face trouble with money and the average household debt level in the UK amounts to more than £56,000, including mortgage arrears, according to the Credit Action charity.
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