…By Judah Olanisebee for TDPel Media.
According to consumer group Which?, around 700,000 households in the UK missed rent or mortgage payments in April.
The group based the calculation on a survey of 2,000 people by Yonder, which indicated that around 2.5% of households had missed or defaulted on a housing payment in the previous month.
Missed housing payments were particularly high among renters, with around one in 20 surveyed missing a payment in the past month.
Nearly six in ten people reported making at least one adjustment to cover essential spending such as utility bills, housing costs, groceries, school supplies and medicines in the past month.
Adjustments included cutting back on essentials, dipping into savings, selling possessions or borrowing.
Conclusion:
This report highlights the ongoing financial struggles being faced by many households in the UK due to the Covid-19 pandemic.
The fact that nearly 700,000 households missed rent or mortgage payments in April alone is a stark reminder of the impact that the pandemic is having on people’s financial situations.
The report also underlines the disproportionate impact that the pandemic is having on renters, who are more likely to have missed housing payments than homeowners.
The call for businesses in essential sectors to do more to help customers is an important one.
With so many people facing financial hardship, it is vital that companies do what they can to ease the burden.
This could include offering payment holidays or flexible payment plans, as well as making sure that customers are not hit with unnecessary or unfair costs and charges during the crisis.
Ultimately, the more that can be done to support people through this difficult time, the better the chances of a strong economic recovery once the pandemic is over.
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