8% Of Debtors Fall Into Arrears

Unsecured debt arrears affect just over 8% of debtors and 4% of all consumers

Press Release (ePRNews.com) - COVENTRY, England - Jul 18, 2017 - Using data from the 2016 Bank of England/NMG household survey, IRN Research found that 4% of consumers have fallen into unsecured debt arrears over the past year, representing 8% of all consumers owing money on an unsecured loan product. The IRN Research brief Consumer Debtor Brief, July 2017  looks at  consumers who have problems repaying their unsecured debts, with the aim of understanding who these consumers are and what warning signals highlight that they may default on their loans.  Key warning signals highlighted are:

• owning multiple types of unsecured debt (especially having a overdraft, a personal loan, a mail order debt, a DSS social fund loan or a payday loan)
• having to vary spending due to changing employment conditions, unexpected expenses or the loss of an income earner (e.g. due to divorce)
• having limited savings put aside to cope with a loss of income and/or rise in expenditure
• being under 35 years of age
• having children
• living in rented accommodation
• not being retired
• working in part time employment
• not being in paid work due to long term illness or disability

The brief also quantifies the impact of the above factors on the odds that an individual will go into arrears.

http://www.irn-research.com/wp-content/uploads/2017/07/Co…

Source : IRN Research
Business Info :
IRN Research

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CATEGORIES : Mortgages and Loans
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