Latest Debt News
Household finances under increasing pressure
22/04/2008 12:04:00
Consumer disposable income levels are falling while household expenditure is increasing, new research has shown.
Findings from Chiltern's Debt Monitor showed that monthly disposable income was £225.36 compared with monthly living costs of £1,086.
Nathan Gladwell, from the company, said that more consumers are struggling as credit becomes increasingly difficult to get hold of in the current economic climate.
"Add to that the rises in food, fuel and energy costs and it's no surprise that most people are feeling the pinch in their pockets," he continued.
The average total debt amount is down by almost £400 since the beginning of the year, which shows that customers are dealing with their debts sooner and preventing their debts from escalating further than previously.
Meanwhile, recent figures from the Council of Mortgage Lenders (CML) indicated that there have been 30 per cent fewer home loans offered so far this year than the same time last year while some lenders have also withdrawn their 100 per cent deals from the market.
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