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Tuesday, April 05, 2016

Generation Rent struggling with debt

The Observer report on rising debts amongst 'Genration Rent'.

The Debt charity StepChange claim they are dealing with double the number of renters struggling with debt, up 139% in 4 years.

The  charity say  the average debt is £10,829, including overdrafts, loans, credit card debt and rent arrears.

StepChange Chief Exec, Mike O’Connor says 

“People renting their homes are increasingly vulnerable as rents grow far faster than wages, and we are seeing more and more people struggling.”

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1 comment:

Anonymous said...

A recent internet newsletter by a local property management company reinforced what I thought. Struggling to get enough properties to rent they have gone into sales.
With government incentives the bottom end of the ladder would require a £6000 deposit and the resulting mortgage would be lower than rental.
Modern kids hare a generation of must have;s. Latest phone, expensive cable packages and new cars through personal lease plans.

I spoke to a young neighbour who rents. '' Oh they said we would have to give up our £90 pm cable package ""

Its priorities and gone are the days when there was an entitlement to a council house. They happily spend on holidays and cars. The number of youngsters with brand new cars here who still live with parents seems to be increasing as our estate turns into 4 cars per household.

A young lad I know has just bought his first house. Mortgage £475 a month. Rental of the property when it was a BTL £675. No brainer really and his earnings are not much more than the minimum wage rate.