Millions of Britons are using credit cards and overdraft facilities to make ends meet each month, according to a new report.
Data from a study by uSwitch.com has revealed that 13 million Britons are just breaking even each month, while 5.4 million are spending more than they earn.
According to the price comparison website, 15 million people are worse off now than at this point last year.
People who have invested in property but are struggling to get by on their current income could receive a welcome cash boost through the use of a scheme like equity release.
Such policies can provide homeowners with funds taken from the value of their investment.
Ann Robinson, the website’s director of consumer policy, said: "Consumers are working hard to stay afloat but it’s a struggle. Wages are not keeping up with living expenses.
"Rather than continuing to plug the hole by borrowing, consumers need to work harder to strip down their essential bills to the bare minimum."
Figures from a recent report from savings specialist Hymans Robertson revealed that more than two-thirds of Britons are concerned that they are not saving enough money each month.
