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Secured loans & credit cards a worry survey finds

Secured loans & credit cards a worry survey finds

Category: Loans

Updated: 12/12/2008
First Published: 11/12/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

A quarter of adults in the UK are struggling with their finances, according to research by Axa.

Carried out as part of the firm's My Budget Day initiative, the survey found that around 11.6 million people are in financial difficulty, with a third of these stating that they cannot cope with credit card bills.

Secured loans are a cause of worry for six per cent (707,000 people), with homeowners fearing they won't be able to keep their property.

Axa's Steve Folkard urged consumers to take control of their finances, stating: "The deterioration in people's standard of living and the effects of the credit crunch on finances are hitting people hard."

Last week the government revealed that help would be provided for those struggling to meet repayments on secured loans.

Those that suffer a loss of income as a result of the economic downturn are to be able to defer interest payments for up to two years

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