10:16 ET<\/span>
\n<\/span><\/p>\nHigher tax thresholds, fewer tax credits and rising interest rates are all likely to push middle-earning families into debt, a charity has said.<\/p>\n
Vulnerable families, especially those with lots of children, will continue to face financial pain, the Consumer Credit Counselling Service (CCCS) said.<\/p>\n
Homeowners are facing higher unsecured debts than those who rent a home, the charity’s annual snapshot found.<\/p>\n
The CCCS has analysed the situation for 470,000 households with debt problems.<\/p>\n
However, it echoed other statistics that showed many people were taking a safety-first approach to debt with average debt levels falling – even though personal insolvencies are at record highs.<\/p>\n
Typical case<\/span><\/p>\nThe CCCS found that the typical person who came to the charity for debt advice was aged 42, and those who owed the most were aged between 50 and 59.<\/p>\n
On average, a client who owned their own home had debts of more than \u00a330,000 in addition to their mortgage.<\/p>\n
A 2% rise in interest rates would increase monthly mortgage payments by \u00a3307, the charity found.<\/p>\n
“The picture is undoubtedly bleak and it seems likely that many more families, including better-off ones, will be increasingly prone to over-indebtedness in the months ahead,” said CCCS chairman Lord Stevenson.<\/p>\n
“It is also not a uniform picture across the country: public sector cuts in terms of jobs, spending and benefits will weigh disproportionately on certain groups of people.<\/p>\n
“The incidence of unmanageable debt bears down harder on specific parts of the country, such as London and Yorkshire.”<\/p>\n<\/p><\/div>\n<\/p>\n
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