A survey released by the Bank of England today has revealed that households have less money to spend because of an abrupt change in peoples circumstances. Household budgets and spending has fallen due to an increase in utility bills, higher food prices and the fall in house prices and the tighter strain on the availability of credit. The survey interviewed 2,500 people and people suggested they now have less money to spend or save.
Only a small number of households claimed that they had fallen behind on their repayments. A further third of the people that were questioned expressed that they struggled at times to make some of their repayments highlighting the great pressures people are becoming under. People suggested that the main reason for this was because of the increase in household bills being higher than expected.
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