Saving Savvy

The Home Of The Savvy Savers



Savings

May 3, 2012

Brits worrying about debt as recession returns

More articles by »
Written by: admin

Britain’s return to recession has a number of homeowners worried about their debt situation, with new research from Moneysupermarket.com 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 MoneySupermarket.com, 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.


About the Author

admin





 
 

 

Don’t let hearing problems hold you back

Tweet Hearing loss affects more people than you might think – charity group Action on Hearing Loss suggests that over ten million people in the UK suffer from some kind of hearing loss – representing around one in s...
by admin
0

 
 

Achieve your goals on a budget

Tweet The new year brings with it the hope – and pressure – of becoming a new you. You may want to better your style, your career and your life in general, but how do you go about it when money’s tight after t...
by admin
0

 
 

How to save using voucher codes

Tweet You may have heard of your friends and relatives boasting of huge savings on everyday items using sites such as Groupon, but for the uninitiated, just how do you sort out the great opportunities from the rest using vouche...
by admin
0

 

 

Choosing economy in your next car

Tweet What do you want from a car? In an ideal world, you might plump for one of James Bond’s many vehicles, complete with all the Q-branch gadgets you could ever want. But in reality, in the current climate you’re ...
by admin
0

 
 

Taking care of your pet in the winter

Tweet Many pets enjoy the snow, but some are not as well prepared for the colder weather as their big, thick coats would have you believe. If you own a cat or dog which enjoys the outdoors, rising vet and insurance costs mean t...
by admin
0

 
 

Dealing with hearing loss

Tweet Hearing loss affects more than ten million people in the UK, according to charity group Action on Hearing Loss, which is more than one in six of the population. By 2015, this figure is set to reach 14.5 million, it predic...
by admin
0

 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *


*