One in six borrows to cover housing costs
The 18 to 24 demographic were most likely to have borrowed to pay housing costs, with nearly one in three (29%) admitting that they have done so to avoid missing payments.
A further one in 12 (8%) said they were in arrears, with 34% of that group being behind on more than two months’ payments.
Ian Williams, spokesman for Debt Advisory Center, said: “Housing is a key priority, so it is extremely worrying to find so many people had to borrow money in October to make their payment.
“It is certainly a sign that their finances are in crisis and that they need to take action immediately to avoid further deterioration.
“In many cases, people have enough coming in to make their payment but have prioritised other bills – such as credit card or loan repayments.
“In this case it is important to remember that housing costs should be paid before any unsecured creditors.”