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Rental Debt Rising

Written By On 12/12/2013

VocaLink, the wages specialists conducted a survey and the results appear to reveal that millions of employed people across the United Kingdom will experience their income slowing due to pay freezes. This comes amidst the Chancellor's recent Autumn Statement predictions of stronger economic growth.

The problem is that the growth will be set against the public's spending which will only increase our country's personal debt, which currently stands at an all time high of £1.43 trillion.

A lot of this very high figure is attributed to property buyers who have obtained very hefty mortgage loans and not from outside investment.

The Money Advice Trust now report that more people than ever are falling behind with their monthly rental payments and this is now causing the main personal debt problem within Britain.

The charity say in the first three quarters of the current year, they have already had practically twenty thousand pleas from people who are struggling to keep up with their rent. They say that it is is a substantial increase of over one third within the last couple of years.

Their chief executive Joanna Elson believes we are dangerously close to hitting a rentals arrears crisis and said,

Rent arrears are now the fastest growing debt problem we help people with at National Debtline.

A few days ago the ONS informed us that more people than ever are now renting and last year's figures confirm that over one in three households are rented.

If you are having problems paying your rent, National Debtline advises that you not to wait until it gets worse. They say it is a good idea to converse with your landlord, however daunting that may be.

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