More than seven million people in the UK were struggling with bills and credit repayments in January, according to a financial watchdog. The number is down significantly on the 10.9 million people in the same position in January 2023. However, it's still above the 5.8 million recorded in February 2020, before the pandemic and the cost of living crisis.
Despite this, only 7% of renters missed a rent payment, with the report saying this showed many tenants prioritised this over other bills. Financial firms must support customers and help them manage payment difficulties, the FCA said, adding that it had cracked down on firms not complying. The research - based on 3,450 adults - showed two in five people behind on their bills had not spoken to their lender about it.
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