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Nearly six million people may need to go into further debt just to meet their living costs

Nearly six million people may need to go into further debt just to meet their living costs according to a survey by online comparison site uSwitch.

It found that 13 per cent of people surveyed would use debt to fund their living costs in the next 6 months, with nine per cent agreeing they will need to get further into debt to meet existing financial obligations.

Figures from Credit Action also showed that Brits are amongst the most debt ridden, owing more than £217 bn on loans and credit cards, up nearly six per cent from last year.

uSwitch’s Ann Robinson says: “This is crunch time for consumers and it couldn’t come at a worse time of year. In the run-up to Christmas, traditionally one of the biggest periods of consumer spending, people are feeling less well-off and are worried about the future.

“The days of easy credit and the ‘buy now pay later’ culture may be numbered, but they will leave a painful reminder for those left struggling with debt.”

Chiltern’s Joanne Gill says: “Unfortunately for many people Christmas means finances are pushed to their limits, and they have to pay for the festive season on credit.

“This could push some households over the edge, and with the availability of credit being scarce it would be wise to consult an independent debt solutions provider.”

Millions failing to cope with debts is a post from: TheDebtPeople.co.uk