With the continual rise in the cost of renting property in the UK, rent arrears are mounting up.
Facing the UK is a “rent debt crisis”, according to the charity Money Advice Trust.
Rent arrears are the fastest growing debt problem in the UK. The percentage of renters in arrears has doubled in just three years, going from 6% of people seeking advice to 12%.
High rents and housing shortages are behind the growing problem. Another factor weighing in is that household budgets are already squeezed by freezes on salary increases.
According to the housing charity Shelter, nine million people are now renting from private landlords.
Advice on debt can be obtained on the phone from the National Debtline, online from My Money Steps, or in person from a Citizen’s Advice Bureau.
