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More than one in four Brits forced to borrow money to cover essential living costs

Responding to today’s research from the Money Advice Service (MAS), which shows a shocking increase in the number of people struggling with money troubles, Michael Ossei, personal finance expert at Uswitch.com**,** says: “This report is yet more evidence that consumers are ill-equipped, underprepared and under pressure when it comes to their household finances. Unprecedented hikes in essential bills and rising inflation are stretching household budgets to the absolute limit, while many also don’t have the basic skills to make what little they have go further.

“With salaries remaining static while household costs soar, many are being forced into the red. Our research shows that more than one in four consumers (27%) are borrowing money just to pay their monthly bills. With this in mind, it’s vital that people look for the best ways to save money and balance the books. The first step is to look at your household budget to see where you can cut costs. Making sure you are on the best possible deal for your home essentials will help you to ease the financial pain and to beat price rises.”

Key Uswitch.com research findings:

  • Essential bills rise 25% in five years – car insurance (67%), gas (52%), electricity (32%) and petrol (33%) see biggest hikes

  • Wages climb just 6% over same period although in real terms fall back to 2003 levels – just one in two consumers (52%) expect pay rise in 2013

  • Consumers more worried about rising living costs than their health

  • 71% say their finances have worsened since Coalition came to power and 85% feel the Chancellor does not understand the real fears of ordinary people.

FOR MORE INFORMATION

Charlotte Nunes

Phone: 020 7148 4664

Email: charlotte.nunes@uswitch.com

Twitter: @uswitchPR

Notes to editors

  1. Research carried out online with One Poll in July 2013 amongst a sample of 2,000 GB adults asked, ‘Have you ever had to go into debt to fund day to day living costs and pay your household bills?’ 27% said ‘Yes’.

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Uswitch is the UK’s top comparison website for home services switching. Launched in September 2000, we help consumers save money on their gas, electricity, broadband, mobile, TV, and financial services products and get more of what matters to them. Last year we saved consumers over £373 million on their energy bills alone.

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