'Over two million' miss payments as prices rise
An estimated 2.5million households missed making payments in January, as increases in the cost of living start to "hit hard", says a leading consumer group.
Which? says the number of households which missed or defaulted on at least one mortgage, rent, loan, credit card or bill payment, rose from an estimated 1.7million in December to 2.5million, according to the latest findings from it’s consumer insight tracker.
More than half of those surveyed (58%) said they had recently been affected by increased food prices, and 56% said they had been affected by energy price rises.
Just under a fifth (17%) reported a recent increase in their housing costs, and the same proportion reported an increase in the price they pay for broadband and mobile services.
Half of those polled (51%) said they had been putting the heating on less frequently due to energy price rises, and 46% had reduced their usage of lights or appliances around the home.
Which? consumer rights spokesman Adam French said: "Our research shows millions of households have missed or defaulted on payments this month alone. This is hugely concerning as it suggests the cost of living crisis is already starting to hit hard, especially for those on lower incomes.
"The Government and businesses must urgently put measures in place to support those struggling to make ends meet. People should not be saddled with spiralling debts because of circumstances completely outside their control."
The consumer insight tracker is a monthly online poll of approximately 2,000 adults by Yonder for Which?