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 People in financial difficulties should get their money in order if they wish to avoid disaster in 2008.
That is according to the Consumer Credit Counselling Service (CCCS), which said that many people are likely to struggle to keep up with mortgage repayments over the next 12 months.
High interest rates and a rising cost of living are blamed for the financial difficulties that man Britons are suffering.
Frances Walker, CCCS spokesperson, said that people must look at their finances and try to sort things out.
Struggling financially | Sell your home fast
"A lot of people are going to have to be finding more money for their mortgages next year, as people come off fixed-rate mortgages they may have to find more money," she said.
"There is the question of interest rate changes and the utility bill price increases too.
"The other thing is that if people have used a lot of credit cards over Christmas they really need to be paying back more than just the minimum payments because if you just pay back the minimum amount, say you spent £500, you will probably find you still owe about £460 next year, even though you will have paid out over £100," added Ms Walker.
Fast property sale expert Julian King adds, "Homeowners with serious financial difficult should release equity in their home to avoid disaster.
"Our analysts are confident of a 50 per cent rise in repossessions this year compared to last. With this in mind, we advise homeowners to assess their situation properly and make an informed decision on whether they are able to keep their home".
Mr King is a Director of National Homebuyers, the UK's leading fast property sale firm that guarantees to make a cash offer to purchase each property quickly, regardless of its condition or location. The company is a leading provider of Mortgage Rescue Schemes such as Sell and Rent Back when the homeowner can sell their property for cash, but remain in their home as a tenant.
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