2.5 million British adults will borrow this Christmas just to heat their homes – as energy price hikes start to bite
Two and a half million British adults say that they will take out loans to keep their homes heated over Christmas, a new poll has revealed.
The survey by Circle Housing, one of the UK’s largest providers of affordable housing, has found that around 7 million (15%) British adults plan to take out a loan over the festive period to cover extra costs at Christmas this year.
More than a third of borrowers (35%) anticipate using loans just to pay their winter energy bills and around four million people – or three fifths (57%) – think that they will need help just to put festive food on the table.
These alarming findings come as gas and electricity price hikes start to hit consumers who are already struggling to deal with spiraling food bills.
Worryingly, one in twenty (5%) borrowers plan to use a payday loan and nearly 150,000 British adults - or 2% - say that they will go to an unofficial lender or loan shark.