One in Three UK Private Renters Forced to Use Credit Amid Skyrocketing Rents
A shocking new survey reveals that a third of private renters in the UK are relying on credit cards and loans just to pay their rent. With rental prices soaring at a scorching 5.5% increase year-on-year—the biggest rise since records began in 2016—many renters are struggling to keep a roof over their heads.
The YouGov poll, commissioned by debt charity StepChange, found that 38% of private tenants have turned to borrowing to cover rent. That’s nearly double the 20% of mortgage holders doing the same. On top of that, over a quarter have had to dip into savings, while 23% are cutting back on essentials like heating and water to make ends meet.
“Private renters are bearing the brunt of soaring living costs,” said Richard Lane, Director of External Affairs at StepChange. “The government must act—introducing legal reforms and support to protect families from spiralling debt and eviction.”
Nationwide’s £200 Cash Bonus to Win Current Account Switchers
Looking to switch your bank? Nationwide has just stepped up with a hefty £200 incentive for new current account customers who make a full switch using the Current Account Switch Service.
Simply transfer two active direct debits to qualify and enjoy the perks. You can open an account online, via the app, or internet banking, and request the switch during sign-up. Nationwide is sweetening the deal with a new regular savings account offering a whopping 8% AER, letting customers stash up to £200 per month with impressive returns.
Government Borrowing Hits £11.6bn in August, Surpassing Expectations
The government racked up £11.6 billion in borrowing last month, figures from the Office for National Statistics reveal. That’s £3.5 billion more than August last year and the fourth-highest level recorded since 1993.
Economists expected borrowing to hit £11.1 billion, so the reality is a steeper climb. Still, it’s less than the £13 billion the Office for Budget Responsibility forecasted back in March.
With borrowing used to fund everything from economic support to infrastructure projects, eyes are now on the upcoming Autumn Statement for hints of fresh spending—potentially on council finances, school safety, and more.
So far this fiscal year, total borrowing stands at £69.6 billion, up £19.3 billion from last year but still £11.4 billion under the watchdog’s initial estimates.
