31% consider skipping debt repayments

Nearly a third of households are considering skipping payments to their loan, mortgage or credit card debts, a poll has suggested.

Carried out by Fairinvestment.co.uk, the poll revealed that 4% said they would consider missing a mortgage payment, 7% a loan payment, and a full 20% a credit card payment.

42%, meanwhile, were planning to reduce their ‘non-essential’ outgoings, such as contributions to their savings accounts.

According to Fairinvestment.co.uk, the fact that people were planning to cut back on important payments could be seen as an indication that the ongoing economic crisis has already stretched households’ finances so far that they’ve already made ‘significant cutbacks’ in other areas.

“There are many other areas where we would advise people to cut back on spending before they consider missing debt payments,” said a debt management expert for Gregory Pennington.

“If cutting back on luxuries and non-essential items isn’t enough, it’s imperative that people find a way of coping that doesn’t involve missing debt repayments. We would advise anyone considering this course of action to seek debt advice as soon as possible. It may be that a debt solution such as a debt management plan could help them.”

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Gregory Pennington offer a range of debt solutions, including debt management. If you are worried about debt, contact one of our expert debt advisers now.