Some 42 per cent of adults have admitted that they struggle to make it to payday each month, which could mean that more are seeking help from
bad credit credit card companies.
Research by insolvency trade body R3 found that the 20th day after payday is generally when most people start to struggle with their remaining money.
A quarter of those surveyed by the firm said that spending on going out or on non-essentials was the reason they had trouble with their finances towards the end of the month.
Around 15 to 17 per cent, however, said the reason they struggled was paying off bank loans, 'big ticket' purchases and making mortgage repayments.
R3's president Steven Law said that, over the last ten years, personal insolvencies have increased by 350 per cent.
"It is very worrying that over 40 per cent of the British population are finding it a struggle financially to get through the month," he added.
Mr Law went on to say that the increase in basic living costs and potential rises in interest rates "will not make this monthly struggle any easier".
Another thing that can drain finances over the summer months is paying for holidays and spending while abroad.
An article recently produced by Credit Choices for the Market Oracle advised people to inform their banks when they are going on holiday before they make any payments on their credit cards.
This is because banks can view payments made abroad as suspicious, believing that the card used has been stolen.
Posted by Gemma Walker
