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Loan Claim: Loan repayments 'consuming' income

Over 27 per cent of Britons now spend more than 40 per cent of their monthly income on loan repayments, a new survey has revealed.

The poll from MoneySupermarket.co.uk found that the average person in the UK is now spending £322 each month repaying non-mortgaged debt. The research also found that eight per cent of people are spending over 80 per cent of their wages repaying debt.

Tim Moss, head of loans and debt at MoneySupermarket.co.uk, said the cost of living is increasing and people are noticing it more than ever, but it is vital to keep up with repayments or extra charges could be incurred.

"Consumers are feeling the squeeze on their wallets more than ever. It's therefore worrying to see such a high number of people needing to use so much of their income just to service existing debt," he added.

Rising energy costs and import prices have led to a rise in the cost of living and the Bank of England expects inflation to mount further over the next few months.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-800733337-ADNFCR



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