Losing job 'can lead to debt disaster'

18/12/2008

Millions of Britons would be pushed into a potential debt crisis within weeks of losing their job, new data has shown.

A poll from MoneyExpert.com, a financial website, found that 30 per cent would not be able to meet their mortgage repayments two months after being made redundant.

What's more, 15 per cent said that they would face the debt disaster after just a month.

The survey comes in the wake of new official unemployment figures from the government - which showed that the jobless total has climbed to 1.86 million.

This is the highest for eight years.

Sean Gardner, director of MoneyExpert.com, said: "Hoping for the best is not much of a financial strategy when the going gets tough and it is worrying that so many people are literally on the brink of financial meltdown if they were to lose their job.

"Being in debt is sustainable if you have an income and a means of paying off loans and credit cards."

Tags; Job loss, Recent Graduate Debt,

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