Feeling the Pinch of Credit: UK Consumer Stress on the Rise
What the numbers say: A surprising 31% of Brits complain about the anxiety that hits when they swipe or swipe‑in. Even more jarring, 10% felt downright down after using credit cards, BNPL (Buy Now Pay Later) or other debt tricks.
Comfortable or Cautious?
Almost half (43%) admitted they’re cool with BNPL; yet, realistic truth bites: over 1 in 10 believe that without debt, they couldn’t manage themselves or their families.
Double‑Edged Responsibility
- Credit’s there for good—but its ease can tempt us into a “spend‑what‑you‑don’t‑have” scenario.
- About 18% didn’t know how much they’d owe each month.
- Nearly a fifth (22%) said they’d only slap the minimum on their credit cards.
- Half ( 50.6% ) worry that borrowing is too easy to access.
Industry Voices on the Balance
Richard Lane (StepChange) emphasised, “It echoes what we hear from our clients. Over 6 million feel their health, relationships or work suffer because of credit. Yet financial helpers often hand more credit rather than solutions.”
Denise Ko Genovese (NerdWallet) warned: “With energy bills and National Insurance up, cost of living climbs. Relying on credit can feel safe but it’s a risky dance.” She added, “The first step is honesty about earnings & debts. Then map a plan to ditch debt and reliance. A charity guide is the best first call.”
Finding Help: The Hard Road Ahead
- Only 35% of those in debt know where to find help.
- When they do, 41% turn to specialist debt charities.
- Twenty‑three percent trust their bank for guidance.
So whether you’re a credit veteran or a clutch‑holding newbie, remember: staying on top of finances, actively planning, and tapping professional help can stop debt from snowballing into a catastrophe.
