'Payments missed amid rate rises'
Updated on 02 July 2007
More than seven million household bill payments have been missed in the past six months as people struggle in the face of higher interest rates, research suggested.
Research from price comparison website MoneyExpert.com suggested that around 1.23 million household demands every month had been left unpaid or settled late over the past half-year.
Council tax was the most commonly-missed payment over the period, with 4% of households guilty of late settlement.
When added to unpaid gas, electricity, rent and telephone bills it suggests the number of demands that could have been missed during the past six months could be as high as 7.4 million.
Sean Gardner, chief executive of MoneyExpert.com, said: "It is clear that many of us are under financial pressure.
"The Bank of England has increased interest rates twice this year with the threat of a third rise during the summer.
"It was inevitable that once interest rates started rising that something had to give and it is worrying to find that people are missing basic household bills.
He added: "Missing bills can lead to serious consequences from losing the service to being taken to court.
"We would urge anyone who is struggling financially to take advice on how to cut their monthly expenditure.
"There are ways to reorganise your finances but missing bills and hoping for the best is not a strategy."
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