Millions of UK families using credit cards and loans to pay basic bills

Poverty charity the Joseph Rowntree Foundation warns of ‘debt timebomb’ as interest rate rises hit low-income households

Millions of families are borrowing to cover basic bills and expenses, according to analysis that warns Britain is entering a dangerous new phase of the cost of living crisis.

Interest rates are expected to rise again this week and there are warnings about a “timebomb of debt” among poorer households. Reports suggest companies are targeting struggling single parents, using social media ads, to offer inappropriate debt repayment schemes that will leave them worse off.

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