Millions of household bills are going unpaid as British consumers struggle to deal with their respective debt management burdens, according to recent research.
Figures from MoneyExpert show that around 6.9 million bills have gone unpaid since June 2007 and many people are risking damage to their credit rating as a result.
In addition, with millions of families around the country struggling to become debt free, the price comparison firm suggests that further rises in consumer energy prices could be in the pipeline.
Sean Gardner, chief executive of MoneyExpert.com, said: “For some time we have been waiting to see how the financial squeeze would affect the average household.
“Nearly seven million unpaid household bills is a fairly conclusive sign that we are feeling the effects.”
Figures from the Credit Action charity suggest that the UK’s overall debt management burden increases by close to £1 million every four minutes.