One in five young people use credit to buy food

Almost one in five (18 per cent) young Britons aged between 18 and 24 needed credit to buy food in July, according to the latest statistics.

The De…

Almost one in five (18 per cent) young Britons aged between 18 and 24 needed credit to buy food in July, according to the latest statistics.

The Debt Advisory Centre found it was young people who were most affected by a lack of money, although six per cent – or three million – of all adults in the country had to resort to borrowing in order to fund their food and drink.

In addition, eight per cent of those aged between 25 and 44 were forced to use credit to meet a utility bill.

The organisation's Ian Williams said: "The cost of food, gas and electricity has soared over the past few years. Many people use credit cards to buy food every day – sometimes to benefit from loyalty schemes and sometimes just to make ends meet. But unless you pay off your credit card balance in full every month, you are likely to be paying high charges on every pound you borrow."

When it comes to particular areas of the UK, the north-east and Scotland were found to be the most likely to use credit to buy food. One in ten individuals there said they had done so in July.

People in the East Midlands (ten per cent), Northern Ireland (nine per cent) and London (eight per cent) also struggled on the whole to pay their gas, electricity or water bills.

Mr Williams suggested the fact so many people are struggling to pay their utility bills in the summer – when they are typically much lower than they are in the winter – is a cause for concern. After all, the cold season is now just around the corner and could prove to be a financial headache for many.

The expert went on to recommend those who feel they may not be able to pay their energy bills over the next few months should contact a provider as soon as possible to explain the problem and seek help.

 

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