MoneyExpert: More than one in ten have missed repayments

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MoneyExpert: More than one in ten have missed repayments

Tue 7th Oct 2008

More than a tenth of borrowers have missed repayments on a debt they owe, new research from MoneyExpert has found.
Its survey discovered that 11 per cent of people with a mortgage, credit card or personal loan have missed a payment on it in the last six months.
Credit cards are the greatest burden with around four million users admitting that they have missed a payment in the six months to September.
But people are also increasingly defaulting on personal loan payments, with over 1.3 million people having missed one in the same period.
In January, the figure was 859,000.
Last month, MoneyExpert found that the costs of loans, mortgages and credit cards have all risen since Gordon Brown took office as prime minister.
In June 2007, a three-year fixed-rate mortgage had an average rate of 6.12 per cent but now it is 6.51 per cent.
Credit cards had an average APR of 18.36 per cent when Mr Brown entered 10 Downing Street, but now the figure in 19.66 per cent.

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