10m UK households feeling financial squeeze

More than ten million households in the UK are feeling the financial squeeze.

The Which? Squeezometer has revealed that 39 per cent are struggling …

More than ten million households in the UK are feeling the financial squeeze.

The Which? Squeezometer has revealed that 39 per cent are struggling to make ends meet at the moment. This includes 2.3 million households (nine per cent) who have defaulted on either a loan, bill or housing payment.

On top of this, 1.5 million (six per cent) are using unauthorised overdrafts or payday loans in an effort to get by, while 2.7 million (ten per cent) are borrowing from their families.

Nearly one-third of respondents admitted they are finding it difficult to cope on their current level of income.

Because of the current situation, many Britons may find they need to use a debt management plan (DMP) sooner rather than later in order to bring their circumstances under control.

An informal debt restructuring solution for unsecured debt that can be used by anyone who owes over £1,500 to more than one creditor, it will reduce a person's monthly repayments to creditors.

By James Francis

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