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Bank claims Brits 'rely on credit' to get through month

Many Brits can only get through the month because of credit card charges and payday loan claims, a study has shown.

Research from Santander found 26 per cent of Britons take out loans to cover their household bills every month.

Furthermore, around £2 billion is borrowed from payday lenders every year to help Brits deal with essential expenses, with two per cent of British people borrowing an average of £153 per cent each on a typical month.

On average, Brits borrow approximately £259 every month to pay for council tax, utilities and other outgoings.

The most popular way people receive credit is by using an overdraft, with 17 per cent of adults in the UK utilising this service and taking out an average of £264 monthly.

Despite how many people are incurring bank charges through the number of debts they are accumulating, only 32 per cent of respondents said they regularly look for cheaper deals on their subscriptions.

"Times have been undeniably tough over the last couple of years and the economic downturn is taking a toll on households," Santander banking director Reza Attar-Zadeh recently said.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801447913-ADNFCR

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