Charity says over 1,000 Brits ask for financial help every day

A charity claims that more than 1,000 Brits come for help every day because they're struggling to pay their bills.

According to aol.co.uk, a report form Stepchange reveals that over 15 million Brits are 'living on the edge', despite the fact the economy is improving. Many of these people rely heavily on credit to get by and would not be able to cope if they lost their job or interest rates rose.

Last month, around 13 million people didn't have enough savings to cope if their income happened to drop by a quarter, Stepchange estimates. Moreover, nearly three million Brits are in such bad debt that they have to continue taking out credit just to keep up with existing debts, reports dailymail.co.uk.

Stepchange's chief executive, Mike O'Connor, says millions of people are not prepared for the future.

“Even with economic growth, consumers are likely to face interest rate rises and increases in costs of essential goods and services,” he explains. “Unless we can improve families' financial resilience, it is likely that people will be pushed over the edge – often as a result of resorting to high cost credit.”

The charity says that people already in debt should be given time to pay off their debts instead of lenders making their situation worse. This may mean halting extra charges or freezing interest rates.