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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/household-debts-at-record-high.jpg"><img class="alignnone size-full" title="More than half of households are struggling to repay credit cards and loans, a Bank of England survey said" src="http://londonglossy.com/wp-content/uploads/2010/12/min-household-debts-at-record-high.jpg" alt="More than half of households are struggling to repay credit cards and loans, a Bank of England survey said"/></a></p>
<p>More than half of households are struggling to repay credit cards and loans, a Bank of England survey suggested.</p>
<p>A total of 51% of respondents reported that their unsecured debts were a &#8220;burden&#8221; &#8211; a record high for the annual study.</p>
<p>Illustrating the financial pressures faced by millions, one in two households also said they had seen their disposable income fall over the past year.</p>
<p>More than a quarter &#8211; or 28% &#8211; said their monthly earnings had fallen by more than £100 during that time, with just 14% saying it had gone up.</p>
<p>The report said: &#8220;The UK economy has begun to recover over the past year but households&#8217; financial positions remain under strain.&#8221;</p>
<p>Around half of respondents expressed concern about their level of debt, with a majority saying they had become more worried over the last two years.</p>
<p>And more people &#8211; 22% of households, up 5% during the year &#8211; said they were worried about access to credit despite promises by banks and governments to provide more finance.</p>
<p>Many families are also fretting about looming tax rises such as next month&#8217;s 2.5% VAT hike, to 20%, putting even more pressure on budgets.</p>
<p>Some 42% also said they were concerned about the VAT rise, and nearly a third &#8211; 32% &#8211; said they were worried about rising income tax and national insurance. Just over a quarter &#8211; 27% &#8211; said reduced spending on services was a major fear.</p>
<p>The report contrasted the low Bank of England interest rate of 0.5% with the &#8220;high&#8221; cost of borrowing for credit cards and loans.</p>
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