Debt problems are hitting home in the south-west of England as tens of thousands of consumers are seeing their financial situation deteriorate, according to reports.
Figures compiled by Experian have shown that in Bristol alone there are now close to 40,000 families whose money problems are so severe that they face having their home repossessed.
Mortgage repayment rates are rising and coupled with ordinary inflationary pressures, an increasing number of people in the south-west are facing debt management disaster, the Bristol Evening Post reports.
"A lot of people are coming off fixed rate mortgages and suddenly finding they are having to pay another £100 or £150 a month," explained Martin Green, director of the Bristol Debt Advice Centre.
He went on to say he hoped local money lenders would avoid seeking repossession until "at least two months’ arrears have built up".
The National Association of Estate Agents recently called for interest rate cuts to help boost the UK’s housing market.