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Coping with the rising cost-of-living

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New research suggests that over 12 million people are now borrowing money for food or essential bills and half of them are doing so for the first time in their lives.

The recent rise in the cost-of-living has presented many of us with unexpected challenges.

New research suggests that over 12 million people are now borrowing money for food or essential bills and half of them are doing so for the first time in their lives.

The survey of 2,180 UK adults, carried out by the Money and Pensions Service (MaPS), shows that 23% have relied on credit or money from family and friends to buy food in the last three months. The same number (23%) have done so for electricity and gas.

The poll also reveals that one in five people (21%) think they will need credit to get through the next three months, with 4% of them saying they definitely would.

The results come as MaPS launches a campaign to reach people who are struggling with cost-of living pressures, which will run alongside the Government’s Help for Households.

It focuses on MaPS’ MoneyHelper service, which provides free money guidance from an expert in a range of different formats, such as online, webchat, WhatsApp and telephone.

MoneyHelper also offers free resources on a range of money topics, along with useful tools to assist with vital tasks like prioritising bills, talking to your creditors, and planning your budget. In addition, it provides links to further help, including organisations that provide free debt advice.

Some of the areas you can find help in are:

  • Help with living on a squeezed/reduced income
  • Help if you are struggling with bills and payments
  • Help talking to creditors regarding payments
  • Support with redundancy and job loss
  • Financial support if you are self-employed

If you’re already struggling, or worried things are heading that way, it can feel like there’s no way forward. However, the first step to solving money problems is knowing where to turn.

Visit the MoneyHelper website and find out all the ways you can get help towards getting control of your money.

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