According to research from the CPP Group, borrowers are now more worried about paying their Council Tax bills than their mortgages. It is the first time since this research has started that the Council Tax has overtaken mortgage repayments as the single expense homeowners worry about paying the most.
The report also shows that UK personal debt could be around £1.1 trillion by June this year.
Our view
The UK is riddled with people living beyond their means for today and not planning for tomorrow. Understandably, paying council tax is more important to most as the Local Authority are more likely to instigate proceedings than are your mortgage company. Mortgage companiies have Conduct of Business Rules set down by the Financial Services Authority, Local Authorities appear to do as they please, when they please.