People struggling to pay rising rents

There has been an increase in the amount of people struggling to pay their rent, those looking for the best loan rates have been told.

Joanna Elson, chief executive of the Money Advice Trust, which runs National Debtline, said that in the years since the financial crisis, there has been an increase of 84 per cent on the amount of calls received.

Since 2005 the amount of people renting in England has increased by 40 per cent as a result of the tightening of mortgage lending, creating an increase in rent cost, exacerbating the problem further.

"The chances of these renters being able to save the many thousands needed for a deposit are very slim indeed, which will only increase the demand for rental properties and lengthen the spiral into higher and higher rent costs," Ms Elson explained.

She urged people not to bury their head in the sand over money worries and instead get advice about how to deal with it.

However, despite this, a study by esure home insurance recently found that people still aspire to have better homes.

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2011-09-29 14:03:43 © Moneyextra.com