Struggling borrowers ‘missing debt repayments’ as living costs rise

One in ten borrowers have missed debt repayments as households struggle to cope with the rising cost of living, it has been claimed.

Research from MoneyExpert.com has found that 11 per cent of people have missed deadlines for payments over the past six months.

It showed that credit card debt is one of the biggest burdens on borrowers, as four million card users admitted that they had failed to pay on time at least once over the six-month period.

Director Sean Gardner commented: “One late payment doesn’t represent a financial meltdown but when it becomes a habit there’s real room for concern.”

He added that serious consequences such as appearing in court may be in store for those who regularly miss payments.

Meanwhile, Cifas, the UK’s fraud prevention service, has revealed that there has been a 159 per cent increase in facility takeover fraud – where a criminal gains access to a person’s account – over the past year.

By Jamie Price