20% Borrow to Pay Utilities

20% Borrow to Pay Utilities

April 7, 2014 by vickyc

As further investigations into the ‘big 6’ continue, new research highlights that one fifth of adults are now using credit to pay their utility bills, even as rates are set to soar.

The survey recorded just fewer than 20% of respondents had paid for either their gas, electric or water bills through a credit card or personal loan, an increase of over 300% since 2013. Of those surveyed, young professionals i.e. those aged between 25-35 were most likely to have used credit to pay for utilities with the figure rising to over 25%. Geographically the South East was the most likely to pay for energy on credit, over 33%, whilst the South West was the least with only 10%.

Paying for utilities and general bills with credit is a major concern, highlighted as one of the five problem debts the UK population faces at the moment. If you have to pay for utilities with credit you may be facing financial difficulties, McAlister & Co will always give unbiased free professional and confidential advice to anyone who may be suffering with debt. If you need help, contact us.

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