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A report by Which? found 'overall 2 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill in April The 7.3 per cent missed payment rate observed is in line with the level seen at the same time last year, but higher than in April 2021 (6.5%) and April 2020 (5.2%). '

'Six in ten (59%) households reported making at least one adjustment to cover essential spending such as utility bills, housing costs, groceries, school supplies and medicines in the last month. This equates to an estimated 16.6 million households.

Adjustments include cutting back on essentials, dipping into savings, selling possessions or borrowing...This is consistent with the high adjustment level seen for the past year, and matches the level seen in April 2022, but is much higher than the 35 per cent seen two years ago.'

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