Households in Northern Ireland continue to feel the impact of rising costs, following an unexpected increase in inflation rates. New figures show the UK inflation rate rose to 10.4 per cent in February meaning pressure from the cost-of-living crisis is likely to continue.
Supermarket inflation also hit another record high this month, and with basic foods such as eggs, milk and cheese rising at the fastest pace. Household incomes will be hit hard and many people will be turning to credit to get through these hard times, says Sinead Campbell, Head of Money, Debt and Quality at Advice NI.
She explains: “Debt can often make people feel like they have limited options or time to seek out a solution. For this reason, people resort to what they think is the easiest option, increasing their credit card limit, taking on store cards, use buy now pay later, pay-day loans or even illegal loans.
