An increase in homelessness could trigger more people to try and eradicate bad credit in order to avoid the risk of repossession.
There are currently around 2.9 people who live in rented accommodation throughout the UK who are presently in rent arrears or experiencing difficulties paying their landlords, so says the Consumer Credit Counselling Service.
The average debt owed to a local authority is said to be £12,612 with the average debt owed to private landlords considered to be £18,733.
It looks invariable that there will be many people who end up homeless.
The next five years do not look like being rosy as the economy has displayed minimal signs of improving and those in rented accommodation are going to feel the brunt of this.
Latest Council of Mortgage Lenders figures show that there has been a slight quarterly increase in those in rent arrears, whilst the level of repossessions in the UK has remained on the whole unchanged at 9,000.
Homelessness Could Increase as Repossessions Stabilise
Thu, 18 Aug 2011
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