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12 Million People In Britain Are Likely To Struggle With Loan Repayments
Some 12 million people in Britain are likely to struggle with invoices and loan repayments as the COVID-19 pandemic continues to ravage the economy.
Yazar: Tom Roberts
Yayınlanma: 25 Ekim 2020 21:11
Güncellenme: 19 Eylül 2024 03:13
12 Million People In Britain Are Likely To Struggle With Loan Repayments
Some 12 million people in Britain are likely to struggle with invoices and loan repayments as the COVID-19 pandemic continues to ravage the economy. This was shown by the results of a survey conducted by the Financial Conduct Authority (FCA), which it published at the end of this week. The survey was conducted in the summer and revealed a "low financial resilience" of about 12 million people. He also found that one-sixth of them had become financially vulnerable after February, after blockades to prevent the spread of the new coronirus reduced their incomes and led to the loss of thousands of jobs. The survey also showed that almost a third of adults saw a decline in income, while household income fell by an average of a quarter. Black and ethnic minority respondents fared even worse, with about 37 percent confirming that the pandemic affected their incomes. More than a third of respondents who already had low financial resilience and mortgages before the outbreak of the pandemic said they were likely to fall behind in repaying their mortgages. And 42 percent of tenants are worried about falling behind in meeting their obligations, and another 36 percent are concerned about problems with repaying loans or credit cards. "We want to remind consumers, especially those who have recently run into financial difficulties, that lenders are able to support them," said Sheldon Mills, FCA's interim director of strategy and competition. The regulator has put in place a package of measures to ensure that vulnerable households have access to aid after 31 October, when the previous government pandemic aid package expires, such as loan and mortgage interruptions and a job retention program.İLGİLİ HABERLER
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