The UK’s energy crisis has prompted one in five (20%) people to rely on credit cards, loans and overdrafts to manage the mounting costs recorded over the last three months.
The vast majority of people (78%) said they have experienced price hikes since the beginning of the year, leading households to rack up £4.7 billion in debts, according to smart money platform, Credit Karma.
Since the beginning of 2021, households across the UK have experienced price rises of around 23 per cent on average. Unable to avoid the rising costs, more than a quarter (26%) fear they can no longer afford their bills, despite consumption remaining consistent.
