Devastating new report finds majority of Brits surveyed now borrowing just to eat | The Canary

The Debt Advisory Centre has published the results of a new Financial Well-being Survey which reveals an alarmingly high proportion of people who are having to borrow money just to be able to eat, or to pay their regular bills.

Not only does the cruelty of this have ethical implications, it is also extremely dangerous economically.

The survey questioned 2,000 people and found that 57% of them are forced to rely on credit in one form or another just to cover the costs of food, rent/mortgage, or utilities.

Over 20% of consumers questioned admitted borrowing to buy food between April and September this year, approximately double the proportion during the previous six months.

Perhaps most noticeable is an upward trend in people going into arrears, be it inability to repay borrowed money, or repay regular bills.

Quite simply, incomes are not rising quickly enough to keep pace with inflation, especially utilities prices.

Source: Devastating new report finds majority of Brits surveyed now borrowing just to eat | The Canary

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4 Thoughts to “Devastating new report finds majority of Brits surveyed now borrowing just to eat | The Canary”

  1. Dez

    Interest rate increases on mortgages have not come into force yet….not sure where this is going.

  2. I can’t understand this according to Camoron the economy is on the way up?

  3. And according to The Bank of England the UK is enjoying near zero interest rate: so I have to ask what inflation?

    1. THE GREED OF BUSINESSMEN IN WANTING TO INCREASE THEIR PROFITS AT A TIME OF POVERTY FOR THEIR CUSTOMERS BY RAISING PRICES.

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