Soaring numbers of poorer families are using high-interest credit, a report warns – The Sun

SOARING numbers of poorer families are using high-interest credit, a report warns.

The Resolution Foundation found the proportion who use store and credit cards or overdrafts to plug spending gaps has risen to 62 per cent.

That is up from 53 per cent in the financial crash ten years ago.

The think tank says it means the debt-saddled poor are most at risk in another meltdown.

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At the same time, the better off are cashing in through low interest rates on their mortgages.

Resolution analyst Kathleen Henehan said: “These high-debt repayment pressures are a sign of stretched living standards.

“This leaves them far too exposed to future financial shocks.”

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