People cutting back on food and fuel to avoid repossession

Fri, 20 Jan 2012

Many people in the UK are looking to swerve the threat of repossession by cutting down on their food and fuel bills, new research has suggested.

Carried out by Shelter, the study revealed 22 per cent of those questioned have been spending less on gas and electricity in the last 12 months in a bid to help pay their mortgage or rent.

In addition, the investigation found 34 per cent have made efforts to reduce their expenditure on food.

This represents a 60 per cent increase in the number of people restricting their energy usage since 2008, as well as a 44 per cent rise regarding cuts to food bills.

Campbell Robb, chief executive of the homelessness charity, said: "These staggering findings show just how many millions of people are cutting back on essentials as the continued squeeze on incomes starts to really bite."

The news comes after Damian Riley, director of business intelligence for Homeloan Management Limited Business Intelligence, recently suggested the high level of mortgage arrears seen in 2011 will be a contributing factor to repossession rises this year.

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