Keith McLaughlin: Centrix Director on figures showing a rise in arrears due to cost of living crisis
People are prioritising some debt, over other debt, as the cost of living crisis continues to bite. New figures from credit company Centrix shows a rise in arrears.Managing Director Keith McLaughlin says households that are struggling with rising costs tend to put off small debts they can afford to defer. He told Tim Dower they focus on paying off larger debts, to keep their larger assets secure. “They tend to prioritise what they pay, so they’ll certainly pay their mortgage first.” There's also been a drop-off in Buy Now Pay Later enquiries, as people reduce their discretionary spending. LISTEN ABOVESee omnystudio.com/listener for privacy information.