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Statistics from the Bank of England (BoE) suggest that as many as ten per cent of those who rent accommodation owe up to a year’s worth of wages.Although renting is often regarded as the cheaper option rather than buying a property, many people who rent do not have the equity of their property to fall back on in hard times and are then forced into debt.Despite this, Britons appear to be complacent about the ‘debt mountain’ that is rising up behind them, with most of the respondents to the BoE’s survey putting their debts down to “temporary cash flow problems” or saying that they had just overspent.

Debt experts have been worried for some time now that Britain’s blase attitude towards debt is growing and the news that 15 per cent of renters say their loans are a ‘heavy burden’ compared to just five per cent of homeowners will come as an unwelcome but not wholly unexpected development.

Read the full article on Renters ignoring ‘debt mountain’