Over the course of the next 12 months, growing numbers of Brits could be facing financial difficulties such as a
bad credit rating.
New research from price comparison website uSwitch.com found almost four in 10 (39 per cent) UK adults will be financially worse off in 2012 than they were in 2011.
Furthermore, 27 per cent of respondents claimed things will be tough in the new year and 47 per cent of Brits are not very confident about what the future holds.
Just three per cent of national consumers said they were very confident about their finances and 15 per cent believe the economic situation of the country will improve.
This could indicate finances will be increasingly difficult to manage for many individuals, as the cost of living is set to rise further, with pay freezes and fuel price hikes.
Recent analysis from MoneySupermarket.com revealed this could be a particular cause for concern at the start of the new year, as an average of 40 per cent of annual energy consumption takes place during the colder winter months.
Some will see their disposable income reduced - 49 per cent of respondents said they face this issue and 17 per cent expect it to be cut dramatically.
Credit card spending could be a solution for some people who believe they will be able to control their spending and keep on top of bill repayments.
Personal finance expert for the website Michael Ossei said: "2012 looks set to be another difficult year with consumers already geared up to cut back, curtail spending and try to clear outstanding debt."
"With disposable income being squeezed, the new year is a great time to get household finances in order to try to start the next year in the best financial shape possible," the expert continued.
Posted by Tom Burroughs
