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More people cannot afford mortgage bills
21 May 2008
An increasing number of people are struggling with their household bills, according to the Citizens Advice Bureau (CAB).
More people have contacted the CAB for advice on their personal finances due to the effects of the credit crunch.
Mortgage payment problems have risen significantly as the number of people in arrears who contacted the charity increased by 35 per cent in the first two months of 2008 compared with the same period last year.
A spokesperson, for the CAB, said: "The combination of big increases in household bills, especially fuel, and rising housing costs is putting additional pressure on people’s finances when in many cases they are already stretched to the limit."
With pay rises not expected, people will find it increasingly hard to pay essential household bills such as gas and electricity, water, and council tax payments.
Research by Capital Economics, as reported by the BBC, revealed that the share of household income spent on bills has risen to six per cent over the past six years.
