2.5 million people borrowing money to heat their homes

  • Two and half million people in Britain will borrow money to heat their homes over winter, a survey has revealed.

    A survey by ComRes, commissioned by Circle Housing, has revealed that around seven million pople will take out a loan over Christmas, and 35% of these would use the loan only to pay their energy bills. Monthly Fees 3

    Whilst one in twenty borrowers said that they would go to a payday loan company however 150,000 said they would go to an unofficial lender or loan shark, reports Inside housing.

    One in six people surveyed said that they associate the festive period with "dread" and "worry".

    Matt Gaskin a group financial inclusion officer for Circle Housing said: "Christmas is always a time of year that household budgets can get stretched and people start to feel the pinch.  However, with the recent rises in energy bills we are more worried than ever before that people will turn to payday lenders or loan sharks, particularly some of the most vulnerable sections of society. We urge anybody who is worried about managing their money to get help right away and deal with the debt quickly."

    What do you think of this? Tweet us your comments @suppsolutions

    Image source: http://www.sxc.hu/photo/1193076

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