Financial stress is tormenting millions of Brits with ONS figures showing the rise in UK personal debt to £119bn.
Peter Briffett, CEO of the financial wellness and income-streaming app Wagestream said, “This rise in personal debt shows how badly stretched consumers’ budgets are, and hints at the financial stress that torments many households.
“Britain owes more than £22bn on credit cards, which repeatedly punish some of the poorest in society with their punitive interest rates.
“Many people turn to credit cards as a stop-gap until the next payday as they feel they don’t have any alternative. This simply leads to a cycle of debt that is impossible to break free from.
“More still needs to be done to raise awareness around the dangers of debt and an over reliance on credit cards, particularly amongst people on lower incomes, who face a wages shortfall every month, and have no emergency fund to dip into to cover day to day living expenses.”