Research has revealed that one in six Brits paid their mortgage or rent by borrowing money in October.
The Debt Advisory Centre’s (DAC) survey found that people aged 18-24 years were most likely to have paid their housing costs on credit. Nearly one in three (29%) admitted to doing so to avoid missing their payment.
The survey also concluded that one in twelve people (8%) are in debt with either their rent or mortgage. Out of these, 66% were behind by one month, 20% were in debt by 2-3 months and 14% were more than three months in debt. Reports 24dash.
DAC spokesman Ian Williams stated, “Housing is a key priority, so it is extremely worrying to find so many people had to borrow money in October to make their payment. It is certainly a sign that their finances are in crisis and that they need to take action immediately to avoid further deterioration.
“In many cases, people have enough coming in to make their payment but have prioritised other bills – such as credit card or loan repayments. In this case it is important to remember that housing costs should be paid before any unsecured creditors.
“If you are tempted to borrow to cover food, housing costs or utilities, you should seek money advice first. An advisor can help you re-prioritise your budget and help negotiate with lenders on your behalf.”
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