One in five people (over 12 million) are borrowing to pay for food and other essential bills, with half doing so for the first time according to research by Money and Pensions Service.
The survey of 2,180 UK adults, carried out by the Money and Pensions Service, shows that one in five (23%) have relied on credit or money from family and friends to buy food in the last three months. The same number (23%) have done so for electricity and gas.
Around half of them (43% for food, 53% for utilities) said they’d never had to do this before.
Similar numbers said they’re relying on borrowing to meet the cost of their rent or mortgage (17%, 52% for the first time), healthcare costs like prescriptions and dental treatment (17%, 51%) and paying off other forms of credit (21%, 41%).
The poll also reveals that one in five people (21%) think they will need credit to get through the next three months, with 4% of them saying they definitely would.
Among the remainder, 7% said it was “very likely” and 10% felt it was ‘quite likely’.
An additional 15% of respondents couldn’t rule it out, meaning up to 36% of UK adults could soon be relying on credit to make ends meet.
If you’re already struggling, or you’re worried things are heading that way, it can feel like there’s no way forward. However, the first step to solving money problems is knowing where to turn.
Struggling with debt?
If you would like to talk to someone about debt, we offer a free and confidential consultation to anyone in serious financial difficulty. We can advise you on a range of debt solutions suited to your individual circumstances, helping to protect you and your family with a sustainable way to manage your debt. Call 0800 121 48 63.
