Journal Article
The state of British household finances: results from the 2006 NMG Research survey
Authors
Publication date
2006
Abstract
This article summarises the key results from the latest survey carried out for the Bank by NMG Research about the state of household finances. There was little change in the proportion of households who reported problems with their unsecured debt, although there was a small increase in the proportion of mortgagors having difficulty paying for their mortgage. The share of overall income accounted for by households reporting either type of problem was relatively small, suggesting that any impact on aggregate consumer spending is likely to have been muted. The most common explanations given for debt problems were temporary cash-flow shortfalls and overspending; the most popular way of resolving these issues was to cut back spending. Very few households said they considered bankruptcy a solution to their debt problems.
Published in
Bank of England Quarterly Bulletin
Volume
46 (4):397-403
ISSN
16
Subjects
Household Economics, Debt: Indebtedness, and Finance
Links
http://serlib0.essex.ac.uk/record=b1595369
Notes
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