Missed Mortgage Payment - A Beginning To Debt
During the last six months, over half a million people in the UK will have missed a mortgage payment as a result of accruing debt.
Missing a mortgage payment normally means that there are further Debt problems down the line such as council tax debt, personal loans or utility and grocery bills to contend with.
If you miss a mortgage payment, it doesn’t mean that you will incur a fine or charge as you would with credit card debt but a missed payment does indicate signs of financial difficulty.
Mortgage and rent payments should be paid first and foremost in order to secure a roof over your head. In the past, people were finding it difficult to cope with continuous base rate increases so any missed payments at that time were an alarm bell for debt help.
Whilst the base rate was cut to 5.5% in December, consumers were hit with the Christmas hype and many are feeling the brunt as they turn the corner and plough through the New Year with credit cards loaded with last year’s spending.
A rejected card or cheque payment on a mortgage balance can result in hefty charges being added to your statements which can vary in rates and rise by up to £100. It may also make it difficult for you to take out a low interest debt Consolidation Loans if your credit rating is tainted with negative marks against you.
A debt consolidation loan may be the lifeline you need to avoid a missed mortgage payment as it will allow consumers to merge those over-indulged credit cards, loans and other debts into one affordable monthly, low interest payment. Your future will look rosy with manageable mortgage repayments and a secure roof over your head.
