More than a quarter of Brits, precisely 27%, have fallen behind on at least one bill.
That’s according to a new report by Citizens Advice which unveils alarming statistics about the financial challenges faced by a significant portion of the UK population.
In the past six months, more than one in five individuals, equivalent to 21%, resorted to borrowing money to cover essential expenses, according to the survey.
The report also sheds light on the most common sources of problem debt: energy debt and council tax arrears.
Worryingly, half, or 50%, of those who sought assistance from Citizens Advice reported struggling with one or both of these debts.
Additionally, recent research from Citizens Advice has indicated a looming crisis related to energy debt.
The charity is assisting a record number of individuals with energy debt even before the winter season has begun, and the size of these debts continues to rise.
Nearly eight million people had to borrow money to cover their energy bills in the first half of 2023, Citizens Advice has said.