MILLIONS of households can not settle the debts might consider resorting to debt to pay for the price of the essentials.
Taking on debt ought to always be a final resort – but may there aren't any other available choices.
If you do need to take out a loan though, you should find the cheapest rate, so you don't end up accumulating big interest fees that may add to your financial pressures.
Always make sure you read the terms and conditions, and understand the full amount you'll repay over the term of the loan – as well as any potential penalty charges or additional fees.
As the Bank of England enhances the base interest rate, it has a knock-on effect on borrowing – and rates of interest on loans, mortgages, charge cards and overdrafts have all started to increase.
But if you are in financial difficulty, you will find method of getting cheap or perhaps interest-free loans.
This week, supermarket Iceland even announced intends to launch interest-free customer loans to assist shoppers with the cost of living crisis.
The frozen foods specialist will begin by providing