|
London, UK Business News
|
Home | Submit Press Release | Advertise | Submit Website
(EMAILWIRE.COM, December 08, 2012 ) Manchester, U.K -- Several million households in the United Kingdom are struggling to pay their bills in a timely fashion, according to a poll conducted by a British consumer organization.
In results from a poll conducted in October by Which?, nearly 10 million households, or approximately 39% of the U.K. population, are feeling the pinch when it comes to their finances.
In the research, which was tallied from a query of 2,100 people, shows that in October, suggests that almost 10% of households have defaulted on a major bill, such as a housing payment or loan.
According to Which?Â’s Consumer Insight Tracker, about one-third (32%) of respondents say that they are having difficulty living comfortably at their current income level, with their top concerns being the costs of fuel (85%) and food (78%). Sixty-eight percent of respondents are worried about the future value of their pensions and interest rate-levels on their savings.
According to the poll, 2.3 million households have defaulted on one of their outstanding bills, and 1.5 million households have ended up taking one or more payday loans or unauthorized bank drafts to make ends meet.
This news comes just ahead of the release of the Autumn Statement by Chancellor George Osborne, which is to be delivered to Parliament on Wednesday.
Richard Lloyd, executive director of Which?, says that the data show that people can become trapped in a vicious spiral.
"There are huge knock-on effects for people if they are not paying their loans, paying their bills, their housing costs on time. They often have to pay extra charges, pay extra interest where they are defaulting on debts, and they are unable to get access to credit," Lloyd said.
"People are having to turn to increasingly expensive ways to meet their costs. It's a real worry for many, many people getting into debt."
Ahead of the Autumn Statement, Osborne has already acknowledged that deficit reduction may take longer than was originally planned.
Osbourne called for people to "have the courage to stay the course," while many have gone on record as saying the well-to-do should be contributing more to the British economy.
In response, Ed Balls, the Labour PartyÂ’s shadow chancellor, said the time is right now to "change the medicine - or change the doctor," referring to a potential change in leadership.
Of the 39% of households feeling financial distress, according to Which?Â’s research, an additional 8% (2.2 million households) reported that they have only had to cut back on their spending slightly. Another 6% (1.5 million) stated that they are using savings to cover spending while cutting back, and 10% (2.7 million) have resorted to borrowing from friends and family, using credit, or authorized bank overdrafts.
About Payday Ninja:
Payday Ninja (http://www.paydayninja.org/) provides customers with loan information that can help people make it to their next paycheck. Learn about how short-loans work, and apply today so anyone can make it through the month without hassle at the website.
PayDayNinja.org
Customer Service
0800 567 7444
support@PaydayNinja.org
|
|
|
London, UK News by Region
|
|
|
Press Release Writing & Distribution
We write and distribute your press release to online major media outlets for only 199. Fast turn around.
More on
Press Release Writing & Distribution
LONDON, UK TV NEWS
|