There has been a sharp rise in the number of people who borrowed money to pay for food, housing or utility bills over the past six months, according to The Financial Well-being Survey produced by Debt Advisory Centre.
More than half (57%) of the 2,000 people questioned said they were forced to rely on credit to cover their grocery bill, rent or mortgage, or their water, gas or electricity bills.
Looking at overall financial well-being, 30% of those questioned classified themselves as ‘struggling’, and a fifth said their financial wellbeing is ‘worse’ now compared with 12 months ago. A quarter of consumers said they are now more comfortable than they were a year ago.
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