'Kruk Italia struggles with high mortgages and rents: the only solution is to renegotiate the contract.'

Italian debt management company Kruk has estimated that around 12.5% of households in Italy will face an average €400/500 increase in their monthly mortgage payments due to the monetary policy implemented by the European Central Bank over the past year.

The rise in interest rates, according to a study by debt management company Kruk, has also had a significant impact on rental costs. In this context, as Kruk explains, more than 62% of those affected have given up unnecessary expenses to cope with debts, while a quarter of them have turned to savings and more than 10% of Italians have asked relatives for help.

In light of this situation, Kruk emphasizes the importance of reconsidering mortgages or renting. "We are not''offer a single recipe, as each situation is unique and deserves an individual solution', explains Luca Pagani, Country Manager of Kruk Italia. However, there are 'useful recommendations suitable in most cases'.

First of all, when you notice that you can not repay your debts, it is necessary to "immediately contact the bank or the owner of the house to explain the situation and negotiate how much we can pay. It's not a simple but necessary agreement," Pagani explains.

According to manager Kruk, "It's important to consider two factors: how much we can pay and how long we can maintain this''amount. These two factors are also important for those who are not in a situation where they are unable to repay their debts but are still facing financial difficulties and want to reassess their mortgage or lease. "

The company's research shows that 28% have taken out a 30-year mortgage and 76% are well aware of the rise in variable interest rates, but 50% do not see or believe they would not benefit from a mortgage interest rate review. The increase in the monthly mortgage payment was €100 in 56% of cases, between €200 and €300 in 31% of cases and between €400 and €500 in 12.5% of cases.

When it comes to rent, the average costs of the sample are 500 euros (32%) and 800 euros (23%), and there were adjustments in 36% of cases. Despite these price rises, 60% realize that they are paying quite high rents, but''still in line with prices at the place of residence.