Per Yahoo! News
1.9 Million UK Households Missed Payments or Defaulted on at Least One Mortgage Leading to Christmas
12/26/2022
Leading to Christmas, more UK households have either missed payments or have defaulted on at least one mortgage. The data came from a survey by Which? involving 2,000 participants to come up with the estimation.
Per the survey, they found that 6.7% were unable to meet the mortgage, rent, bill, or credit payment deadlines over the course of the past month. The figure estimated that almost two million UK households were not able to meet December demands.
The missing payment even includes participants missing out on loans or council tax. The survey expects that missing payment would generally peak in January as households try to pay back the Christmas expenses and other bills.
Per the survey, about six out of 10 participants would try to cut back on at least one financial decision, equating to an estimate of 15.8 million households holding back expenses. This is an increase compared to the four out of 10 seen the year before.
Over half of the people interviewed in the survey admitted that they had to make financial adjustments. These include selling items, using savings, or even cutting down on certain essential purchases.
The likelihood of renters missing payments in December was at 6.4%, while the likelihood of mortgage holders missing payments was lower at 2.5%. Missing loans or credit card payments, however, were up at 3.1%, while missing bill payments were at 4.6%.
The survey highlights rent, mortgage rates, and inflation increase adding to the situation regarding households missing payments. Which? director of policy and advocacy, Rocio Concha, gave a statement regarding missing payments in the holiday season.
Concha: “With 1.9 million households missing important payments in the run up to Christmas, we’re worried that many more people could be facing financial crisis in January – as the credit repayments pile up and the cost of living crisis continues to bite.”
Which? is also concerned that more defaults and missed payments could happen leading to January when households are dealing with their expenses over Christmas on top of bills and other payments.
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