High rents forcing thousands into debt

A Rightmove report revealed the average amount spent on rent in the UK is 38% of net income


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ONE in three tenants say they have to cough up more than half of their take-home pay on rent.

A Rightmove report revealed the average amount spent on rent in the UK is 38% of net income and six in 10 predict their rent will rise during the next 12 months.

This comes hot on the heels of a warning from debt charity the Consumer Credit Counselling Service that high rents are forcing thousands into hardship.

More than 10,000 people asked the charity for help with rent arrears in 2011 – a 27% increase on 2010.

Kay Boycott from housing charity Shelter said: “These figures paint a worrying picture of the rising numbers of families facing a monthly battle to keep a roof over their head.

"High unemployment and rising living costs continue to take their toll.”

If you are worried about debt or housing costs get free advice from Shelter on 0808 800 4444.
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Unaffordable debt from mail order catalogues is prompting more calls for help to a charity than payday loans, mortgages or rent.

The Money Advice Trust said that this form of debt was often "unmentioned", but remained a key concern.

National Debtline, which is run by the charity, received a record 25,235 calls about catalogue debt last year, up 10% compared with a year earlier.

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Fears are growing over the long-term implications of a recent sharp rise in the number of Scots taking out the loans, which charge annual interest of up to 4,000 per cent. Those unable to repay their loan face escalating charges that send them deeper into debt and further away from mainstream sources of finance.

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If you find that you are in an unmanageable level of debt, then you are not alone. Due to recent economic changes, many UK householders are struggling with debts and looking for workable debt management solutions to help them improve their financial situation. Even if you have always been careful with money, a change in your personal circumstances, such as job loss or illness, can easily have a major impact on your situation, so there is nothing to be ashamed of and no reason not to seek advice.
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As the Eurozone crisis deepens more than 100,000 people could lose their homes if mortgage repayments rise by just £20 a month - a leading charity has revealed today.
The Bank of England has warned that as UK lenders are hit by higher borrowing costs families should prepare to pay more as the increase is passed down to consumers.
This could lead to thousands losing their homes if the hike results in mortgage rises of £20 a month because people are already struggling with overdue bills and cards.
The Consumer Credit Counselling Service (CCCS) say that many already struggling with overdue bills and cards were just about coping with house repayments and that any more expense could tip them over the edge.


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