Who knew that rent arrears are the biggest problems of all?
National Debt Advice Charity, the ‘Money Advice Trust’ has reported that rent arrears are now the fastest growing debt in the UK. The number of calls to the charity National Debt Line service from people with rent arrears has risen significantly since the economic crisis firs hit in 2007.
From January to October this year the free advice helpline received nearly 20,000 calls for help from people with rent arrears, compared to just 8,000 over the same period in 2007, an increase of 146%. Calls from people with rent arrears have increased 37% over the past 2 years, and 13% in the past 12 months; more than any other debt type!
Figures suggest renters have faced a growing number of broader debt problems, with renters now accounting for 57% if total calls to National Debt line and we are in danger of falling in to a rent debt crisis.
Housing costs are the most important household bills of all, and to see such increasing numbers of people falling behind on rent payments is indicative of how the cost of living squeeze has hit many families very hard since 2007. The helpline hear from thousands of people every month about the difficult decisions they have to make, just to hold their families finances together.