Job losses could lead to debt disaster
Job losses could lead to debt disaster
Thursday 18th December 2008
According to the moneyexpert.com survey, approximately 30 per cent of UK residents believe they would struggle to meet mortgage, credit card and other personal debt payments in the event of sudden unemployment.
The website's research indicates that the average credit card holder owes £2,007, while the typical level of outstanding personal loan repayments is currently £9,465.
"Hoping for the best is not much of a financial strategy when the going gets tough and it is worrying that so many people are literally on the brink of financial meltdown if they were to lose their job," commented Sean Gardner, director of moneyexpert.com.
He added that accruing debts is only "sustainable" if people have an income and a way of sticking to their repayment commitments.
Derby resident Elizabeth Yates recently told the Derbyshire Evening Telegraph how debts built up during a period of maternity leave caused her to declare bankruptcy earlier this year.
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