New research from the Financial Conduct Authority (FCA) has found that while many are struggling to meet financial commitments 7.4 million people were struggling to pay bills and credit repayments in January 2024, down from 10.9 million in January 2023.
According to new research by Compare the Market, the annual cost of household bills is expected to decrease by an average of £350 year-on-year starting April 2024. The analysis includes energy, water, home insurance, motor insurance, and council tax costs.
Debt Awareness Week aims to shed light on the challenges individuals encounter while dealing with various types of debt and to emphasise the importance of seeking help to manage their finances effectively.
Latest Bank of England data has highlighted that mortgage defaults and missed payments on credit cards and loans both surged at the end of the year, and are expected to keep rising.
According to a new survey from Nationwide, 84% of people expect this January to be the toughest yet financially due to Christmas spending added to debt from the cost of living crisis.
New research by Lowell has found that over a quarter (28%) more people think they will have any Christmas debt paid off by the end of February when compared to last year.
Debt can be a significant source of stress and anxiety for many people. Studies have shown that there is a strong link between mental health and debt.
Millions of households in England face a 5% rise in April, with bills in the rest of the UK also expected to rise sharply.
A quarter (26%) of couples argue about money at least once a week; around 5% say they argue about finances every day according to new research.
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.