The fact that so many people in the United Kingdom are having to turn to external support in order to pay their rental fees should be a concern for the country. There are millions of people being priced out of the property market which means that the rental market is the only option that many people have to find a home. With over a million of people in the UK who are classed as low earners struggling to pay their rental fees without assistance, there is a clear need for action to be taken in the United Kingdom.
A survey undertaken by Shelter and YouGov found that 57,000 people have borrowed from a bank or building society in order to make their monthly rental fees. The same source also suggests that 42,000 people have taken out a payday loan to pay for their rental fees. Considering the high costs of payday loans, with APR reaching up to 1,500%, this is only going to exacerbate the problem. Payday loans should be avoided at all costs and you have to think that people are only using them as a last resort, which is very concerning. When it comes to people having to use payday loans in order to pay rental fees, you have a situation that is completely untenable.
People are struggling with rental fees
There is also the fact that Shelter’s survey suggests that tenants at risk are borrowing from more than one source, which has to be seen as a great concern. Rental fees are obviously important and have to be paid on time and in full to ensure that a roof remains over people’s heads but when it comes to helping people improve their life, this is not a situation that can continue. There is a growing level of dissension about the poverty in the UK and how it is moving upwards, impacting on a growing number of people.
When it comes to costs, rental fees is likely to be one of the most important fees a person has to contend with, so if people are struggling with rental fees, it may be that they are completely dismissing other bills or not spending any money on other necessary aspects. This is a major concern and forms part of the overall impression about the way that many people in the UK are being left behind. There is a need for reliable and dependable support when it comes to rental fees and other necessities in the United Kingdom.