Mortgage and Rent Payments See Double-Digit Increases – Nationwide

Increase in Payments

According to data from Nationwide, borrowers repaid £735 million of unsecured debts in April, marking a significant 25% increase compared to the previous year. The amount of transactions for debt repayment also rose by 14%. Housing costs continue to show the largest increases, with renters experiencing a 33% rise and mortgage repayments up by 18%.

The survey indicates that a lot of consumers relied on credit to manage rising costs. On average, individuals with credit cards are paying off £391 every month, while car finance repayments average £267, and personal loan repayments are £195.

However, the survey notes that with:

Survey Quote

Mark Nalder, Nationwide’s payments strategy director, commented on the findings.

Mark Nalder Quote

Nationwide’s April Spending Report analyses debit and credit card transactions, as well as direct debits, made by Nationwide customers throughout the month of April.