According to a recent report millions of homeowners in the UK are facing severe financial difficulties, as higher living costs, high mortgage repayments, and the effects of the credit crunch continue to take their toll on household finances. In a recent survey it was revealed that around 84% of homeowners are worried about their financial future, with many expecting to face a difficult and uncertain financial future.
Industry officials are concerned that the level of bad debts and insolvencies in the UK will rise in the UK, with around 30% of those surveyed stating that they are unlikely to be able to cope financially for much longer. The recent budget also appears to have unsettled many homeowners, making them increasingly worried about their financial futures.
One official said: ‘I am really surprised by the extent of worry out there. Close to a third of Brits have obviously been really spooked by the Budget. There is little doubt many Brits will find their annual road tax as high as the value of their car as from next year, creating a massive headache for people who are really struggling. These are some of the unintended but very real victims of the Budget. People from all walks of life and income levels are feeling the pinch from rising bills and taxes.’
Another official added: ‘Anyone starting to worry about their financial situation shouldn’t bury their head in the sand - problems are easier to tackle when addressed early. People should start by gathering their paperwork and working out the true scale of their problems. From there they must prioritise bills and pay the essentials such as mortgage or rent first. Non-essential items such as magazine subscriptions and pay-TV might have to be sacrificed.’
Recent additions:
Popularity: 37% [?]