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Loans Taken to Pay for Food

Written By On 06/05/2013

In April, consumer interest group Which? conducted a survey that involved about two thousand of Britain's households. It translated into approximately twenty per cent of them needing to use some sort of loan in order to afford to pay their food bills last month.

The main target of their research was focussed upon families and couples earning a total of no more than twenty one thousand pounds annually. Most of the people surveyed were between thirty and fifty years of age.

Around four hundred of the group questioned say they needed to use either a payday loan, a credit card, overdraft, or dip into their savings to be able to meet the cost of their food shopping. Under two hundred felt the economy was in a healthy state whilst nearly fourteen hundred said the opposite. Females who accounted for about one quarter of the candidates were the ones needing to scrimp and save the most to make ends meet.

Which magazine's executive director Richard Lloyd previously worked at No10 Downing Street as the Prime Minister's Adviser specialising in economic issues and consumer policy. He was very concerned with the results and said

Our tracker shows that many households are stretched to their financial breaking point, with rising food prices one of the top worries for squeezed consumers. It's simply shocking that so many people need to use savings or credit to pay for essentials like food.

These results contradict government figures recently published informing us about personal insolvencies being down to the lowest rate in the last five years. Insolvency experts have attributed this to interest rates remaining at an all time low.

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