One in ten miss payments on bills in November

Based on Which?’s latest financial wellbeing tracker, this has pushed the rate of missed payments to the highest level it’s ever recorded – surpassing the previous high of 9.1% in January 2022. Of these, 5.6% missed household bills and 5.3% missed a loan or credit card payment.  

Meanwhile, 57% of households have reported having made at least one adjustment to cover essential spending such as utility bills, housing costs, groceries and school supplies and medicines – with these adjustments including cutting back on essentials, dipping into savings, selling possessions or borrowing.  

Additionally, consumers’ confidence in their current household financial situation and the outlook for the UK economy fell for the second straight month, following earlier signs of recovery in August and September with only about one six thinking the UK economy will get better over the next 12 months, while 53% believe it will get worse – giving a net confidence in the future economy of -37.

Consumers’ view on their own current household situation this month fell to 14, down from the 21 figure two months ago, while confidence in future household finances remained steady at -12. This was calculated from 21% of consumers thinking their household financial situation will get better, while 32% thinking it would get worse.