Millions of families are borrowing to cover basic bills and expenses, according to analysis that warns Britain is entering a dangerous new phase of the cost of living crisis.
Interest rates are expected to rise again this week and there are warnings about a timebomb of debt among poorer households. Reports suggest companies are targeting struggling single parents, using social media ads, to offer inappropriate debt repayment schemes that will leave them worse off.
According to Joseph Rowntree Foundation (JRF) analysis shared with the Observer, 2.3 million low-income families have reported taking out loans or using credit to pay essential bills during the crisis.
Political attention has focused on the impact of interest rates on mortgage pay…
Read the full article at: https://www.theguardian.com/society/2023/jul/30/millions-of-uk-families-using-credit-cards-and-loans-to-pay-basic-bills