UK Money News
3rd July 2008
Brits turn to debt to meet higher housing costs
Higher housing costs have fuelled a surge in the number of Britons taking on new debt, a survey has shown.
In a poll of over 1,000 UK adults, seven per cent said that the pressure of higher mortgage repayments and rents had prompted them to take out a personal loan over the last 12 months.
Furthermore, nine per cent of respondents to the survey, which was conducted by moneysupermarket.com, said that they added to their credit card debt for the same reason.
Tim Moss, head of loans and debt at the site, said: "It's a very serious situation when you have people turning to a short-term solution to fund a long-term product.
"Having a roof over your head has to be your top priority but to be funding that with a loan you might default on or with a credit card that will eventually charge you interest of over 15 per cent isn't the solution in the long term."
The study's findings come after separate research from Moneyfacts found that the average rate on a two year fixed rate mortgage has risen to 7.02 per cent.
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