Missed Bill Payments Back to Winter Levels, says Which
The number of people missing payments on essential household bills like energy, phone and water has increased to winter levels, according to consumer group Which.
The number of households missing the payments is now as high as it was over the winter period.
Consumer group Which said that 2.4million households missed at least one bill payment in the month to mid-July. They added that 770,000 people failed to make mortgage or rental payments.
This amounts to 1 in 20 renters failing to make payment and 1 in 30 mortgage holders defaulting on a payment.
Missed bill payments are usually worse in the month of January after people pay for seasonal festivities, but the long squeeze on household budgets is taking its toll on people’s ability to make ends meet even into the summer months.
Which have published its consumer insight tracker and a monthly poll of around 2000 respondents suggests that 8.6% of households missed at least one payment in July. In January it was 8.2%.
Around 1.5 million missed bill payments on household bills such as energy, water, phone or council tax. Nearly two thirds of the 1.5 million missed more than one payment. Others failed to make payments on credit cards or loan repayments.
Further interest rate rises will only add to the pressure.
This pressure is also being felt by a lot of businesses that we speak to on a daily basis as the energy price crisis is still being felt across the supply chain. We would encourage all businesses to shop around for the best business electricity or business gas price by comparing the market.
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