Bill Phobia For Many As They Worry About Debts

With the cost of living rising, over a quarter of people are now instantly stressed and worried whenever they receive a bill, whether it be for utilities, credit or store cards or for anything else, and are worried how they will pay for them.

According to a report from MoneySupermarket.com, around a third of those worried say they panic because they have more money going out of their current account than they have coming in every month.

With so much worry there’s a growing amount of Bill Phobia. Not only are many worrying over their bills, some are even delaying opening and paying them because they are too afraid to tackle them.

Many are having to cut back on things just so that they have enough money to pay their bills each month. Of concern though is that a recent survey by AXA showed that more people are resorting to borrowing to fund their lifestyle and as a result fewer are managing to pay off debts or save money.

As Claire Francis, personal finance expert at MoneySupermarket.com said: “The increase in the cost of living is something UK adults have had to bear the brunt of over the last 12 months.

“The recent rises in gas and electricity prices by an average of 17.4 and 10.08 per cent respectively underlines the pressure households are under.

“So when consumers are battling with bill increases coupled with a fall in disposable income, it is understandable that a Bill Phobia has developed amongst almost 13 million UK adults who now dread their bills as a result.”

MoneyHighStreet comments: “Dealing with financial matters head on is important as bills and debts simply will not go away if left alone.

“Setting a budget can help. By doing this you can assess your income and your outgoing ‘must haves’ and ‘nice to haves’ so that you can see how you can most effectively spread your income.

“Also look at where you can save money. For example can you cut down on your gas and electricity usage? Or by using a comparison site when buying such as car insurance or you energy plan you can make sure you are on the best deal, at the best price, for your particular needs.”

If you really are struggling, as Claire continues “It’s really important not to forget that there is help available. If you feel things have got too much and you can no longer cope financially, speak to one of the free-debt charities such as the Consumer Credit Counselling Service (CCCS) or Citizens Advice.

“Bills have to be paid and debts won’t go away so ignoring the problem and trying to act as though everything is fine is the worst thing you can do as it will just make the situation worse in the long term. The sooner you seek help, the better.”