More than £800m of debt has been taken on just to pay household bills, according to new research.
A survey by one financial advisory group claims that the sum has been borrowed in the past three months alone as struggling families attempt to cope with increasing household bills and the spiralling cost of living.
At the same time, Citizens Advice Bureau claimed that debt-related calls had increased by more than a third compared to last year and research has also revealed that as many as one in ten people are knowingly missing bill repayments.
According to MoneyExpert.com, more than one in 10 has missed a mortgage, credit card or loan repayment in the last six months. The number of people failing to pay instalments on personal loans, according to MoneyExtra, has increased by half to more than 1.3 million since the six months leading up to January.
The news makes grim reading for many families struggling with their existing debts in the midst of the current economic climate, with many debtors seemingly unsure of the options available to help overcome their debt problems.
Debt-Free.org.uk features a number of useful resources which can advise people on the best options for their debt situation. To find out more, click here.
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