Almost 4.1 million British households have been forced into debt due to the rising cost of living, in the last year alone. A study by moneysupermarket.com reveals that 7% of UK households have took out some form of loan or line of credit in order to meet basic living costs.
What makes these stats look even worse is that £30billion worth of mortgage deals are due to come to an end throughout July, which is likely to cause debt problems for many more households as they face higher mortgage payments.
If you find that you having to borrow unsecured debt in order to fund the basic and your mortgage payment, you need to seek debt advice. One Advice can offer debt advice to help you deal with your debt levels, no matter what your personal circumstances are.
Tom Moss, head of loans and debt at the site, commented: “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.”