People ‘fear falling into debt within the next six months’
One in 25 people are already in serious debt, according to the Jubilee Debt Campaign.
One in 16 (6%) people fear being pushed into debt in the next six months, according to an anti-poverty group.
One in 25 (4%) are already in serious debt, the Jubilee Debt Campaign found.
Nearly a fifth (19%) are in moderate debt and a further 26% are not in debt but are concerned about falling into it at some point, according to the poll of more than 2,000 people across Britain in March.
A national insurance hike to help pay for health and social care and rising energy and council tax bills will put a further squeeze on household budgets this spring.
The Office for Budget Responsibility said last week that households are facing the biggest squeeze in living standards since records started in 1956-57, with inflation potentially reaching a 40-year high of 8.7% in the fourth quarter of 2022.
Measures announced by the UK Government in last week’s spring statement to help offset surging household bills included a 5p per litre cut in fuel duty on petrol and diesel until March 2023.
An extra £500 million was also announced for the household support fund, doubling its total amount to £1 billion to support vulnerable families with short-term crisis funding from local authorities.