One in eight ‘have borrowed money to make ends meet in past year’

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One in eight (12%) individuals have borrowed cash to make ends meet up to now yr, in response to analysis printed by a debt assist charity.

Two-fifths (40%) of persons are discovering it troublesome to maintain up with family payments and credit score commitments, the analysis, carried out by YouGov for StepChange Debt Charity, discovered.

And 1 / 4 (24%) of individuals stated they’ve rationed heating, electrical energy or water to fulfill credit score repayments up to now 12 months.

Individuals had been additionally requested about their capability to manage in the event that they had been confronted with an surprising expense of £1,000.

One in eight (12%) stated they might not be capable to cowl any of the price with out turning to borrowing, rising to at least one in 5 (19%) single dad and mom.

Vikki Brownridge, StepChange chief govt, stated: “In an election yr, tackling such widespread drawback debt and enhancing households’ monetary safety must be on the high of the agenda for present and potential new governments.”

Greater than 2,000 individuals had been surveyed throughout the UK by YouGov in January 2024.

Jackie Spencer, head of cash and pensions coverage on the Cash and Pensions Service (MaPS), which is sponsored by the Division for Work and Pensions (DWP), stated: “Borrowing cash simply to place meals on the desk, warmth a house or sustain with credit score repayments might be extremely hectic. This analysis means that for a lot of households, it’s turn into a each day actuality.

“Credit score is an enormous dedication and must be thought of rigorously. If you happen to really feel such as you don’t have a selection financially, it may very well be an indication you need assistance.

“No-one must battle on alone and the earlier you attain out, the faster issues can begin turning round. Our free MoneyHelper service may also help you are taking that essential first step.”

A Authorities spokesperson stated: “We’re persevering with to help households with the price of residing backed by £104 billion, whereas reducing taxes and curbing inflation so hard-working individuals have more cash of their pockets.

“Work is one of the best ways to safe monetary safety which is why we’re investing billions breaking down limitations to work and supporting over a million low-income earners by way of our In Work Development provide.”