If the past year has had a negative impact on your financial situation, or you are facing increasing debt costs over the next few months, feel free to call us for a discussion on what debt solutions could be available to suit your personal situation.
The only way that you can really get a sense of how the debt landscape is escalating, is to look back to the statistics from a quarter ago. Debt is increasing. Prices may be starting to fall at the fuel pumps and with wholesale gas prices, however this is doing little to offset increasing interest rates elsewhere.
Mortgage rates have risen in line with the increasing interest base rate, placing more pressure on homeowners. It is estimated that 1.4 million UK households will be facing increased mortgage rates when their fixed rates run out this year, with many being unable to meet the repayments. It has also been reported that 45% of UK adults surveyed in December 2022, were said to be incredibly worried about the upcoming changes.
