Rising personal debt a problem for landlords

Landlords could find themselves issuing more eviction notices, as statistics show that personal debt levels are increasing in the UK.

One in three people have seen their debts rise over the past year, while many admit that it will always be a part of their lives, noted moneysupermarket.com.

At present, the average amount owed in the UK excluding mortgages stands at £8,430, which could take as long as 24 months to pay off with the minimum payment of three per cent.

"The younger generation has been hardest hit by rising levels of debt and it is important this group deal with this problem early on, rather than admit defeat," commented Tim Moss, head of loans and debt at moneysupermarket.com.

Scottish Widows research recently showed that a third of people in the UK would not be able to cope financially if their primary earner lost their income.

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Published on: May 25, 2011

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