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Growing problems of consumer debt on the way

It may just be a slow news day for the Irish Independent personal finance journalists, but they have two stories in today, here and here, which may be indicative of things to come for some Irish consumers. Both stories relate to consumers who have taken on borrowing and repayments for a car and house respectively. Both consumers have found now that they are finding it hard to make their monthly repayments.

The advice given by the journalists was fairly similar for each consumer – increase your income, decrease your monthly expenses, with the “nuclear option” being to get rid of the thing that’s costing you so much money in the first place.

I wonder how many Irish consumers will be reading this article from a position of familiarity because of being in similar situations. We’re told that with the still increasing interest rates that this will possibly become more and more likely.

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