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May 3, 2012

Brits worrying about debt as recession returns

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Written by: admin

Britain’s return to recession has a number of homeowners worried about their debt situation, with new research from revealing that 37 per cent of Brits are now worried about whether they can keep up with their monthly payments.

Fourteen per cent of users of the price comparison website said they will have to cut back further on non-essential spending as a result. Kevin Mountford, head of banking at, commented: “It comes as no surprise that many Brits are nervous following the news that Britain has edged back into recession, the first double dip since 1970.

“This combined with the surprise rise in inflation in March will have also impacted UK households struggling to cope with rising costs of living and lack of pay increases.”

With many mortgage lenders having also raised their standard variable rates from the start of this month, some homeowners may find themselves facing escalating debts that they can’t manage. In such a situation, there are services out there that will buy your home from you quickly, which can prevent you from tumbling into a debt spiral.

Obviously this is not a decision to take lightly, but it can be a way to avoid debts becoming unmanageable. However, make sure you do your research and choose a reputable company, and never agree to any deal that won’t significantly improve your financial situation as a whole.

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