Partner Article

Low interest rates help homeowners address debts

Lower interest rates are helping young homeowners to deal with debt concerns, according to the Consumer Credit Counselling Service (CCCS).

Over the past year the CCCS has seen the number of people in their 20s seeking help drop from 4,489 in 2009 to 3,008 last year.

The number of young clients facing mortgage arrears has also fallen.

Commenting on the figures Delrot Corinaldi of the CCCS said: “While many young adults are struggling to get on the property ladder, the outlook is more positive for those that are already on it.

Despite this however, many individuals who rent their homes are facing difficulties, and a week ago the charity revealed that it had received more than 10,000 requests for help with rent arrears.

This is a 27% increase on 2010, and was blamed on the fact that rents are rising while earnings stagnate.

This was posted in Bdaily's Members' News section by Ruth Mitchell .