The latest data from the Which? Consumer Insight Tracker shows that one in 12 mortgage holders missed an essential payment in the month to 8 March.
Additionally, more than half of households said they had made an adjustment to cover their essential bills.
Read on to find out more about this month's findings and for advice on what to do if you're struggling to pay your bills.
Missed payments rise among mortgage holders
In the month to 8 March, 8.1% of homeowners with mortgages missed an essential payment - classified as a mortgage, utility bill, credit card or loan repayment.
This is the third highest figure recorded since Which? began tracking the data in April 2020, and only marginally below the record high of 8.5%.
The rise has largely been driven by an increase in missed household bills and debt repayments.
The chart below shows the percentage of mortgage holders who've missed a payment since April 2020.
One in seven renters miss an essential bill
Which? also tracked missed payments among renters and people who own their homes outright.
Overall, one in seven renters (14%) missed an essential payment, while just 1.6% of people who owned their home outright missed a payment.
This is perhaps unsurprising, with rising rents continuing to heap financial pressures on tenants.
The chart below shows how missed payments vary between homeowners and renters.
Half of households make budget adjustments
Just over half of households (54%) said they had made at least one adjustment to cover their essential spending, such as bills, groceries, school supplies and medicines.
These adjustments commonly included cutting back on essentials, dipping into savings, selling possessions or borrowing.
This is lower than the 60% recorded last March, but higher than levels recorded in 2020 and 2021.
Find out more:Consumer confidence falls amid rising bills
Overall consumer confidence also took a hit this month.
Three in 10 (31%) of respondents to our survey said they think their financial situation will worsen over the next year, compared to 24% who think it'll get better.
These fears have in part been sparked by concerns over upcoming council tax rises, with 7% of those expecting their finances to worsen specifically expressing concern about a rise in these bills from next month.
Find out more:What to do if you're struggling with repayments
Mortgage payments
If you're worried about meeting your mortgage repayments, the first thing to do is contact your lender to discuss what support options may be available.
Lenders may offer measures such as temporary payment holidays, extending the term of the loan to reduce your monthly repayments, or moving you on to an interest-only mortgage for a short period of time.
Find out more:Rent payments
If you're struggling to pay your rent, contact your landlord or letting agent to see if you can reach a compromise.
Try to do this before you miss a payment, and be honest about your circumstances and what you can afford to pay.
Utility bills
Energy bills have put a huge dent in household finances over the last couple of years.
If you're worried about paying your bill, get in touch with your energy provider to find out what it might be able to do to help you.
This could include changing the frequency of your payments, moving you on to a different tariff or helping you access a hardship fund.
Find out more:Credit cards and loans
You should prioritise your housing and utility bills before dealing with credit card or loan debts.
If you think you're going to miss your repayment, the advice is the same as above - contact your lender in the first instance.
Your provider may offer you a repayment plan to pay off the debt over a set number of years or temporarily pause your repayments.
Which? Consumer Insight Tracker
The Which? Consumer Insight Tracker is an online poll conducted monthly. It is weighted to be nationally representative, with approximately 2,000 respondents.
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source https://www.which.co.uk/news/article/one-in-12-households-miss-an-essential-payment-aFcva8g3phQq