Affluence no barrier to effects of credit crunch, studies find

28/08/2008

The average household is £2,500 worse-off now than it was just 12 months ago, price comparison site uSwitch has found.

According to the new report, the credit crunch and rising inflation have eaten in to budgets, with mortgage repayments, council tax and food costs particular sources of strain.

"Consumers are in a lose-lose situation where everything is shooting up except their income," Ann Robinson at uSwitch warned.

Meanwhile, a report from Experian has also found that middle class families living in affluent areas of south east of England have the largest average amounts of personal debt in the country.

Individuals in the leafy London suburb of Richmond-upon-Thames were found to be indebted to the tune of £53,000, with nearby - and similarly well-heeled - Putney and Kingston residents close behind.

Commenting on the new report to the Daily Telegraph, a spokesman for charity Credit Action said: "Over the past 15 years Middle England has had it good, but now they are feeling the squeeze."

Tags; Income Worries and Debt, Budgeting Advice,

Regional Debt Advice; Debt Help London, Debt Advice Putney, Debt Advice Richmond, Debt Advice Richmond,

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