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Loan charges: Middle-income families to be £4,000 worse off

Middle-income families may soon be concerned about their loan charges because they are due to be £4,000 per year worse off.

That is according to research by Resolution Foundation, which found that spending cuts and the struggling economy will have the biggest impact on families on low to middling incomes, reports

Researchers found that low and middle earning families have not kept up with the wider economic growth since the 1970s.

It found that working couples with children will be £4,250 worse off per year.

According to the news provider, the report said: "A solid gap has opened up in the impact of inflation on low-to-middle earners versus higher earners.

"Over the last 20 to 30 years that once-safe assumption has broken down. While those at the top have done well, middle and low earners are no longer guaranteed the proceeds of growth."

Recent research by R3 found that 43 per cent of people expect their financial situation to get worse over the next six months.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.

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