One-in-four 30-49 year olds try to renegotiate debts
Published 24/03/2011 | 05:00
ONE-in-four people in the 30s-40s age bracket has attempted to renegotiate their debts with the banks, a survey shows.
The 'negative equity generation' is the most heavily indebted as these people bought their houses at the height of the property bubble and also have large unsecured debts.
Now it has emerged that the self-employed make up the largest group forced to seek different loan terms from their banks, a survey commissioned by our sister publication the 'Evening Herald', and carried out by Millward Brown, shows.
The survey shows that the financial burden on large sections of society is larger than they can bear.
Tax rises, pay cuts and extra charges have left many families struggling to repay debts and mortgages.
Young professionals who bought property during the boom and have young families are most likely to be in the biggest financial difficulty.
Some 25pc of those between the ages of 35 and 49 have gone to their lenders pleading for relief with their debts.