UK households still financially squeezed

| December 13, 2010 | 0 Comments

A new survey by the Bank of England has revealed 51% of households are struggling to meet repayments for credit card bills and other unsecured debts.

The survey, which questioned almost 2,000 households, established 90% of respondents expect to be affected by the Government’s massive spending cuts.

Almost of quarter (22%) of respondents said they were reducing their spending because of a lack of easy credit - up from 17% a year ago.

However, despite the concerns, less than half of those questioned had taken action, i.e. boost their savings, work extra hours or take on additional hours at work.

Commenting on the report, the Bank of England said: “The burden of unsecured debt has risen this year, most likely reflecting a combination of weak earnings growth and the interest rates on unsecured debt remaining high over the past two years.”

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