Debt struggle for First-time Buyers

As official inflation figures show a relentless rise, first-time buyers are hit with increasing potential debt problems.

Inflation rises such as the ones we are now seeing hit two groups particularly hard: Firstly, pensioners on fixed incomes are vulnerable to debt problems as basic food and utility bills rise. Secondly, first-time buyers struggling to get a foot on the property ladder are finding themselves further and further in debt. Many first-time buyers are forced to extend their finances to the hilt to afford a home, and inflation will eat into an already limited income making debt unavoidable. This is particularly true for those already saddled with debt, possibly from student loans, before they took on their mortgage.

Sadly, the combination of student loans, exorbitant mortgages and debts from credit-cards fuelled by the "buy now, pay later" culture, mean that people struggle through life with an increasingly large millstone of debt. With so many loans, when will anyone be able to save enough to retire without as much debt as they started?