Over Million Borrow to Pay Mortgage

Over Million Borrow to Pay Mortgage.

Research by the Debt Advisory Service has suggested that up to 1.5 million borrowed last month to be able to meet their mortgage payments.

The research suggests that people most likely to have done this would have been those below age 35.

Research also suggested that people in the South East and London where property prices and rents are higher are the greater proportion with up to 7% of Londoners admitting that they borrowed in the last month.

Comment
Many people live beyond their means anyway, but at 7%, that is 1 in 14 people and therefore potentially 1 in 7 couples.

Figures likes these can skewed though, if you earn enough to pay your mortgage or rent but then spend on credit card when you do your shopping, while you may not think you are borrowing to survive, you certainly are.

Our advice is always to not overspend, as debt will always take over and needs paying back.  It can lead to a spiral of debt.  If you think you are heading this way, the advice is to go your to your local Citizens Advice Bureau (CAB) and ask for an appointment with a registered debt councillor.