The Consumer Credit Counselling Service was involved with over 50,000 cases of debt between 1998 and 2002. They have warned that any increase in unemployment will put pressure on homeowners making mortgage repayments.
The people said to be most at risk when it comes to job losses and struggling to make payments are those people earning around £18,000 a year or less.
Tip
Unless people are fully insured, unemployment will hit the pockets regardless of how much you earn. However, matters are made worse with interest rates being low and house prices being high. This means that many buyers are over-stretched on budget anyway.
Be realistic and plan for possible unemployment. Learn more about redundancy in the Redundancy Adviser.com.
What state help will you receive if you are made redundant?