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11% of British adults are now regularly missing debt payments

The cost of living crisis continues to add pressure to Brits, with 11 million now struggling to make debt repayments.

  • Almost 11 million Brits are now struggling to pay their bills on time.
  • The FCA is now encouraging lenders to increase the support they’re providing.

The Financial Conduct Authority has reported that the number of British adults struggling to pay their bills and debts has now risen to nearly 11 million.

According to the FCA, around 3.1 million more people faced difficulties in January 2023 than they did in May 2022, and 11% of adults had missed a bill or loan payment in at least three of the previous six months.

Sheldon Mills, the FCA’s executive director of consumers and competition said…

“Our research highlights the real impact the rising cost of living is having on people’s ability to keep up with their bills, although we are pleased to see that people have been accessing help and advice…

“We’ve told lenders that they should provide support tailored to your needs.”

Thanks to inflation, everyday prices are now 10% higher than they were this time last year. Additionally, researchers report that 29% of adults with a mortgage and 34% of renters have seen their payments increase in the six months to January this year.

The same researchers found that people are now cancelling things like life insurance policies in an attempt to reduce their monthly outgoings.

The FCA stated that its survey suggested around half of UK adults now feel more pressure due to the rising cost of living. is an independent platform and information service that aims to provide you with the tools you need to make smarter financial decisions. While we are independent, the offers that appear on this site are provided by companies from which receives compensation, though we never advertise or promote services or companies that we do not ethically support.

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