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Shoreditch residents 'struggle with debts'

Shoreditch residents 'struggle with debts'

 

Homeowners in Shoreditch, London, are struggling to manage their finances, new figures have revealed.

Callcredit has released information showing that the number of County Court Judgements issued in the area has increased over the first three months of the year by 154 per cent.

Head of Callcredit Check Owen Roberts stated that many people have been suffering from rising mortgage costs.

"The rising cost of living and increases in mortgage rates appear to be hitting residents in Shoreditch hard and are no doubt a contributory factor to the rise in CCJs being issued," he said.

Mr Roberts urged those who think they may be in financial trouble to check their credit records and seek advice.

The BBC recently reported on Capital Economics statistics that suggested mortgage payments are the single biggest outgoing for households, accounting for 10.7 per cent of a homeowner's income.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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