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Homeowners should be prepared to budget
17 July 2008
Homeowners who are struggling to keep up with mortgage payments should budget or risk having their house repossessed, according to the Consumer Credit Counselling Service (CCCS).
Consumers need to learn how to budget in the face of the credit crunch as 27,100 homes have already been repossessed in 2008, the highest figure since 1999 according to the Council of Mortgage Lenders (CML).
Frances Walker, spokesperson for the CCCS, said: "What we are finding is about a fifth of the people have simply borrowed too much and it might have to be [that] you give up your house."
Rising food and fuel costs mean homeowners need to alter their spending habits so that they can afford to pay their mortgage bills.
"If you are struggling to repay, you have to prepare a budget. Whatever you have to do, you have to prepare a budget," said Ms Walker.
Last year, there was a 21 per cent increase in the number of homes being repossessed, according to figures released by the CML.
