Bank highlights personal debt fears

16/12/2008

More people are suffering with both debt and credit worries this year, the Bank of England has said.

In its new quarterly bulletin, the Bank surveyed 2,500 UK households to find out about their personal finances.

It said that a majority of Britons feel that their budgets are under more strain now than they were a year ago.

What's more, one in ten households feel that they face a "constant" struggle to meet their basic costs, such as gas and electricity bills or accommodation fees.

The Bank said that the amount of people having difficulties with paying their rent or mortgage repayments each month has increased from nine to 13 per cent from 2007 to 2008.

Fears over securing credit has led 16 per cent of people to delay some of their bigger purchases - up from 12 per cent last year.

The Bank of England said: "Many households thought that credit had become harder to access over the course of the year, which had caused some to lower their spending. And more households were finding their debt to be a burden to them."

Tags; Budgeting Advice, Credit Card Lifestyle, Recent Graduate Debt, Young Family Finances, Retirement Money Problems,

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