Mortgage arrears on the rise

Debt figures released by Citizens Advice Bureaux in England and Wales saw mortgage arrears problems shoot up by 35% in the first two months of 2008, compared with the same period in 2007.

The figures also reveal continuing increases in problems relating to basic essentials such as gas and electricity, water, telephone and Council Tax debts.

A survey of almost three-quarters (73%) of all Citizens Advice Bureaux in England and Wales reported that they dealt with 215,000 new debt problems in the first two months of 2008 alone.

The figures reflect recent increases in the cost of living and suggest a growing number of people are having difficulty paying essential household bills. Debts relating to credit, store and charge cards still remain the largest category of debt.

Unusually for the time of year, credit card debt problems were down by 9%, while problems with overdrafts were up almost 7% on the same period of the previous year.

Teresa Perchard, director of policy for Citizens Advice, said: “It is a worrying trend that our bureaux are reporting a very sharp increase in the number of mortgage arrears problems they are dealing with. These latest figures paint a worrying picture, suggesting a significant number of households are struggling to meet their most basic living costs. The combination of big increases in household bills, especially fuel, and rising housing costs is putting additional pressure on people’s finances when they are already stretched to the limit.

“If people have debt problems they should get help straight away. We cannot stress enough the importance of telling your creditors as soon as you have difficulties in paying " they should treat you sympathetically. Get free, confidential advice from Citizens Advice or another independent advice agency who can help you work out payment plans for your debts and explain what options there are. You can also make sure that you are claiming all the benefits you are entitled to. You may be missing out on money that could help offset your costs.”

About the Author

Articles for www.yourmortgage.co.uk bestlifeinsurancedeals.co.uk which covers Mortgage and Mortgages Information and useful Life insurance

Source: Newsletters Articles on ArticlesTree.com





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