One in six people in the UK (18 per cent) missed a payment for at least one bill over the last 12 months, according to new research from Money Superma…
One in six people in the UK (18 per cent) missed a payment for at least one bill over the last 12 months, according to new research from Money Supermarket.
This is the equivalent of around nine million people struggling to meet payments.
By not paying bills, individuals are putting their financial future at risk as their credit rating can become damaged as a result.
Of all the missed payments, credit cards came out on top, with many struggling to pay for items purchased using plastic.
Worryingly, six per cent of respondents – the equivalent of three million people – missed a credit card bill payment in the last year.
Council tax was another payment many individuals missed, with four per cent failing to pay their bill. Mobile phones and electricity bills were also high on the list, both of which accounting for three per cent each.
Rent payments were also tricky, with two per cent claiming they had failed to give enough money to their landlord at least once in the last 12 months.
With council tax and housing costs on the increase, the situation could be made worse, especially for people who are in debt and on low incomes.
A fifth of respondents (22 per cent) worry about the effects of missing a payment on their credit rating. Many individuals have seen their rating deteriorate after being unable to pay for things such as rent and energy bills.
Those aged 25 to 34 are the most worried about the future of their credit rating (40 per cent), while 30 per cent of 18-24 year olds are also anxious.
A further 16 per cent of individuals have found having a poor credit rating has stopped them from acquiring further forms of borrowing.
Head of banking at Money Supermarket Kevin Mountford said: "With times being so tough for most UK households and spare cash being tight it is easy to see why people may have difficulty in paying bills on time, or in some cases at all."
This research suggests many people in the UK are lumbered with credit card debt as they attempt to find money to pay for everyday expenses.
By Amy White