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Credit firm blames “soaring rents” for growing tenant debt

Finance firm Creditfix is blaming “soaring rents” for growing debt amongst tenants.

It claims there’s been a significant rise in the number of renters under the age of 45 seeking support for unmanageable levels of debt. 

Individuals under the age of 45 now account for 73 per cent of all Creditfix customers who are renting, up from two thirds 67 per cent in 2021. 


The figures are compiled using data from over 185,000 people across the UK who have received help with their finances through an IVA with Creditfix; this data shows that the average level of debt for renters is £17,347, up from £14,549 in 2021. 

Whilst this is below the national average of unsecured debt at £18,040, it still represents a 19 per cent increase.

Stephanie Chapman, chief operating officer at Creditfix, says: “The rental market, especially in larger towns and cities, is driving up prices and pushing younger people into debt. The demand for rental properties is high, leading to increased competition and rising rental prices. 

“Many people are struggling to afford rent or find appropriate housing in today's market which can quickly put strain on budgets. In such cases, seeking debt help becomes essential for overcoming financial burdens. 

“There are formal and informal solutions available to renters to help them manage what they owe. Debt advisors will be able to offer guidance on the best solution.”

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  • John  Adams

    Rule No.1 if you are in debt or struggling talk to your creditors.
    Rule No. 2 Speak to the Citizens Advice or Step Change debt charity
    Rule No. 3 Avoid any "Credit / Debt" management/advice company....they need your money which is why you went to them for help in the first place!!?

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    Nothing at all to do with the price of road fuel, electricity, gas, rates, ULEZ etc

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    But I wonder why rents are sky rocketing 🚀🤔, nope… can’t be the RRB, S24, EPC C… nope, cannot be the demonising of landlords, it’s just a mystery 😁

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    It is also the active encouragement to take credit at every turn. Lease your car, furniture on buy-now-pay-later, expensive phone contracts, Netflix, Spotify etc etc. I think older people are somewhat more inclined to save then spend but the younger generation have grown up with the have it now culture.


    Agree, how many times do you see price tags marked as so much per month instead of the price?


    We were taught to save first then buy for cash, that has always served me well


    That is my way of thinking, too, Andrew.

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    Rents haven't "soared" anything like mortgage interest rates, with many mortgage payers suffering doubling or even trebling monthly payments but perhaps mortgage payers are more responsible and haven't taken on unaffordable debt or have taken other measures, such as working longer or harder to avoid reneging on obligations?

    As I have said before, there are 168 hours in every week and ample opportunity to enhance weekly income by 25 or even 50% and still leave plenty of time for leisure etc.


    Agreed plenty of petrol stations want evening/ week end staff, as an apprentice I picked up a few evening / week end shifts on the pumps to boost my pay, that was in the days of attended service, no reason why those bleating about how hard up they are couldn't do the same, generally the hard up won't help them selves, bone idleness


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