31% consider skipping bills and debt repayments

9 March 2009

Nearly a third of British citizens would consider cutting back on essential monthly bills and payments towards their credit card, loan or mortgage debts as a result of today`s economic problems.

Research by OnePoll on behalf on Fairinvestment.co.uk has shown that 31% of respondents would consider taking this kind of action - presumably because they`d already made other cutbacks where possible.

Asked what monthly payment they would cut back on, 20% would reassess payments to their credit card debt, 7% payments to their loans and 4% payments to their mortgage.

A further 8% said they would cancel their pension if forced to cut back on one payment, potentially putting their future at risk.

Sharon Bratley, chartered financial planner at Fairinvestment.co.uk, said: "The results show how difficult it is for people at the moment to juggle their finances. It is important that people prioritise their outgoings and try to reduce their debt as far as possible, so cutting back on non-essentials like saving contributions makes sense, especially as savings rates continue to fall."

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