Servicing debt is an increasing burden for many

Mon, 27 Feb 2012

Many people in the UK are finding it increasingly difficult to service their , new research has suggested.

Carried out by the Consumer Credit Counselling Service (CCCS), the study revealed a high number of households are still having difficulties in this regard, despite reduced arrears levels and low interest rates .

The CCCS Consumer Debt and Money Report found the average family was paying around £200 a month in interest toward the end of 2011.

This represented 23.8 per cent of available income and was a rise of 0.1 percentage points when compared with that recorded for the third quarter of the year.

And the escalation was of particular note as it arrived at a time when a quarterly fall in interest payments of £2 was registered, with increasing essential item cost outweighing any elevations in wages.

Lord Stevenson, chairman of the charity - which was set up in 1993 - said: "While debt levels continue to decline, interest payments are a growing burden on too many UK households."

The industry figure added the CCCS will continue to monitor these trends as households face a changing picture in the months to come.
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