Payment fears strike half a million households

In the wake of a series of interest rate rises, increasing numbers of management professionals are struggling with mortgage arrears due to higher levels of monthly charges, a survey from emedia has revealed.

And this is seen to reflect on the rest of the population, who could well be facing even tougher debt management situations, the online research company suggests.

David Clark, managing director at emedia, noted: “If higher earners face a struggle to keep their home, where might that leave households on lower incomes?”

“If the better-off recognise that they’re putting insufficient [funds] into their savings, it’s a fair assumption that lower-income families are finding it even harder to save,” he added.

In light of recent increases in the cost of borrowing, announced by the Bank of England, Brits are increasingly turning to secured lending, a recent MoneyExpert study claimed.