More than half our wages repay debt
Over half of monthly net pay is already earmarked to repay debts, a survey from comparison website uswitch.com has revealed.
It found the average person sees 35 per cent of their wages taken by mortgage payments, and a further 18 per cent being repaid to other debts.
Also in the last six months 21 per cent of people had “maxed out” on at least one of their credit cards or overdrafts. Yes, many people have quite a few to move their debt about!
Ann Robinson, at uSwitch.com said: “More than half our take home pay is now eaten up by debt repayments, but our ability to repay and manage this debt is clearly faltering.
“The banks are being forced to write-off vast sums and, as a result, they are tightening their lending belts. This means that credit will become both harder for consumers to get and more expensive.”
People in the UK have some of the biggest debts in the world. This is because the ‘buy now pay later’ culture has evolved strongly in the UK during the last decade, fuelled by low interest rates and easily attainable credit. However in the last 6 to 12 months we’ve seen interest rates rise and people are really starting to feel the pinch as their debts become more difficult to manage.
People should seek professional debt help if they’re worried about any financial commitments they cannot afford to repay.
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