More households ‘struggling with debt’

16 December 2008

A new Bank of England survey has suggested that an increasing number of households are struggling to repay debts.

The survey, carried out for the Bank by NMG Research, interviewed almost 2,500 households in late September and early October. It showed that more respondents considered their debts a burden than in similar surveys since the mid-1990s.

Mentioned by 35% of respondents, higher-than-expected household bills were cited as the most common reason for difficulties keeping up with bills and credit commitments.

A spokesperson for debt management company Gregory Pennington commented: “The credit crunch and price inflation have pushed a lot of households to their financial limits, and more people are experiencing debt problems as a result.

“People struggling with debt should be aware that there may be a number of debt solutions – such as debt consolidation or a debt management plan – that could help them reduce their monthly outgoings and help them meet their essential commitments.”

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.

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