Personal debt defaults almost double in a month

Almost 800,000 people failed to meet their credit or loan obligations in October, with the number of people missing payments up by around 370,000 in the last month.

The sharpest rise in missed payments since the start of the pandemic, Which? research suggests almost 6 per cent of the UK households defaulted on at least one housing, credit card, loan or bill payment in October, up from just under 4 per cent the previous month.

A missed payment is widely acknowledged by the financial services industry as an indicator of significant financial difficulty and is regularly used as a key criterion for future lending decisions.

Source: The Independent
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