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Tackling your debts

1.5 million had to borrow money for their rent or mortgage last month

Posted 12 September 2013

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In the last month, around 3% of UK adults had to borrow money to pay their rent or mortgage, according to research by Debt Advisory Centre.

In the last month alone, 1.5 million people - about 3% of UK adults - had to borrow money to pay their rent or mortgage, according to research by Debt Advisory Centre.

People in the 25-34 age group were significantly more likely to be affected, with 7% borrowing to cover these essential costs.

Regionally, Londoners were by far the most likely to borrow money for their rent or mortgage (7%), followed by 4% in the North East.

Ian Williams of Debt Advisory Centre commented: "Although there are signs of recovery in the economy, this is a timely reminder that many people are still left struggling to get by from month to month. And the problem could get worse when interest rates begin to rise in the future.

"Most of us need to borrow a bit of money from time to time, but if you find yourself borrowing money to cover essential costs then that could be a sign of a serious problem.

"Your mortgage or rent is arguably your biggest priority cost, so borrowing money to cover that could be particularly serious. If you think you're having problems, it's a much better idea to get in touch with your mortgage provider or landlord to explain the situation. If that doesn't help, then you should seek expert advice."

Find out how Debt Advisory Centre could help you here.

by Sarah Symons

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To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.