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 Homeowners are getting themselves deeper and deeper into debt, with men reportedly struggling more with money than women.
Five interest rate rises since August of last year has seen many property owners find repayments near impossible to keep up with while the credit crunch has also created difficulties.
A new survey from debt management providers Chiltern shows that males are 20 per cent more in debt than their female counterparts and can afford to repay less to their creditors each month.
Chiltern's Joanne Gill said of the findings: "The debt profile of men and women highlights the really difficult and unsustainable position both sexes are in when they turn to a company like Chiltern to help them manage their debts.
Financial Difficulty | Quick property sale solutions
"We know that by the time people reach us they have struggled on their own to manage debts for a number of years, getting caught in a cycle of borrowing to pay off creditors and then spending on credit again because they cannot afford to pay for the things they need in life, like their rent or mortgage and food."
Julian King of quick property sale leaders National Homebuyers says, "Many homeowners' credit problems will only really become apparent when the first set of bills hit the door mat at the end of January.
"Our analysts are confident of a first quarter upset in 2008, as thousands of homeowners realise the effect of Christmas, high interest rates and the simplicity with which one can get into debt become more apparent.
"Finding the solution through a quick house sale may be the only option open to many".
Mr King is a director of National Homebuyers, the UK's leading fast house sale company that guarantees to make an offer to purchase any property in any UK location, regardless of its condition or vendors need for a quick sale. The company also arranges a Sell and Rent Back solution, which can allow the homeowner to sell their home and rent it back in an assured tenancy agreement.
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