One in ten borrowers in the UK have missed a repayment on their personal loans, mortgage or credit cards over the past six months.
A survey by Moneyexpert.co.uk found a significant number of consumers are under increasing financial pressure from rising bills and the increasing cost of finance. Around five million finance related bills have been missed in the past six months, and hikes in mortgage rates, expected this week, are likely to put further pressure on borrowers. Credit cards formed the bulk on missed payments, with around four million admitting they have missed at least one payment. “The credit crunch is having a painful effect on households who are struggling to meet their financial commitments,” comments ...
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