Around 7.4 million people in the UK struggled to pay a bill or a credit repayment
in January, according to the Financial Conduct Authority (FCA).
The figure is lower than last year but is still significantly higher than before
the cost-of-living crisis began.
According to the FCA, in January 2023, after the Russian invasion of Ukraine and
the subsequent start of the cost-of-living crisis, the number of people in
financial difficulty almost doubled to 10.9 million.
The FCA survey also suggested 5.5 million people had missed a bill or credit
payment in the six months to January 2024.
In addition, one in nine people also had no disposable income, the FCA said.
Sheldon Mills, Executive Director of Consumers and Competition at the FCA, said:
'Our research shows many people are still struggling with their bills, though
it is encouraging to see some benefiting from the help that's
available.
'If you're worried about keeping up with payments, reach out to your lender
straight away. They have a range of support options and will work with you
to agree the best one for you. You can also find free debt advice through
MoneyHelper.'
Internet link: FCA website