Property News · April 4, 2016

Struggling generation rent is being driven into debt


Figures from charities reveal how people unable to get on the housing ladder are under pressure from overdrafts, loans and arrears in rentWith a soaring number of tenants falling into financial difficulties as they battle increasing rental costs, charities have identified a “worrying trend” of escalating debt for those who are frozen out of home ownership.Debt charity StepChange says the number of renters contacting it with difficulty paying off debt in the four years to 2015 more than doubled, rising 139%, in exclusive figures given to The Observer. The average sum owed is £10,829 each, made up of unsecured debts including overdrafts, loans, credit card debt and rent arrears – which have reached an all-time high of £922. Continue reading…

Source : theguardian.com
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