People rationing essentials to keep up with credit repayments, says charity

More than two in five people are rationing day-to-day necessities or relying on help from others in order to keep up with credit repayments, according to StepChange debt charity.

Some 43% of people are taking action such as rationing day-to-day necessities including energy, food and housing costs, missing essential bills, or relying on help from friends or family, to keep up with credit repayments, a YouGov survey for the charity found.

Nearly half (47%) of those surveyed said their financial situation is less secure than it was a year earlier.

Of those feeling less secure in their financial situation, 71% cited rising energy bills as a factor, 69% cited rising everyday costs, while 58% pointed to other bills becoming more expensive.

Richard Lane, StepChange director of external affairs, said: “We know households experience problem debt because of a prolonged period of not having enough income to meet their basic needs.

“Sadly, these figures show that this is a reality for a growing number of people who have seen their financial headroom eroded first by the pandemic and now by the cost-of-living crisis.”

Nearly 1,800 people were surveyed across the UK in January 2023.

People can find out what government support they can get with living costs at helpforhouseholds.campaign.gov.uk.