2 weeks Ago By [email protected] (Stephen McMullin)
Between the cost of living crisis, post-pandemic uncertainty and general increases in the price of everything from food and housing to fuel and energy, many households are feeling the pinch like never before. At times like this, many of us turn to borrowing - from banks or credit unions, or via credit cards or finance plans - to help make ends meet in the short term. While a certain amount of debt is perfectly reasonable, once it becomes a serious burden it could be time to find help.
Earlier this year, we teamed up with the Insolvency Service of Ireland (ISI) to find out how Irish Mirror readers are faring during these challenging times. Compared to last year When comparing their finances to the previous 12 months, a worrying 68% of respondents said they felt worse off this year. In contrast, only 8% said they felt better off, while 24% hadn’t noticed any change.
Making ends meet Feeling financial pressure month-to-month and week-to-week is incredibly stressful and can make things feel hopeless. We found that 86% of respondents reported that they were unhappy with their financial situation in some way. 22% said they found it impossible to make ends meet, 13% said they could see no way to improve things and 27% said they regularly had to dip into savings to cover everyday bills.
Missing bills and falling behind on payments While 31% of respondents said they had never missed a bill or loan repayment in their lives, an alarming 45% said they had done so within just the past three months. Falling behind on bills can make it feel like you’re always trying to catch-up and never making any progress and can be an indication of problem debt. According to our survey, 57% of people have missed at least one payment in the past 12 months, with 32% admitting to missing payments for multiple services.
Among the survey respondents, 36% said they had missed a repayment for some form of debt, whether it was a credit union loan, a credit card, or even their mortgage. If you feel like you’re struggling with problem debt in this way, visit backontrack.ie for information and advice on managing debt and finding long-term solutions.
Effect of Covid and Cost of Living The last few years have been tumultuous to say the least, with a global pandemic and Cost of Living Crisis adding to the woes of already stretched Irish households. We asked readers how they felt these things had impacted them, and it seems that in 2024 the effects of Covid are still being felt by nearly half of those surveyed. While 45% said it had made no difference to their overall financial wellbeing, a significant 43% said it had left them worse off.
The Cost of Living Crisis, on the other hand, has been having a much bigger effect, with 72% of people saying it had affected them a lot, 26% saying it affected them a little – and only 2% saying it hadn’t made any difference to them at all. Getting help When it comes to knowing where to turn in case of financial difficulties, Irish Mirror readers were very well informed, with 85% being aware of at least one service they could turn to. The Money Advice and Budgeting Service (MABS) is definitely the best-known, with 83% of people knowing the name, but people are also familiar with Abhaile (15%) and the ISI/Back on Track (22%).
If you're struggling with problem debt, visit backontrack.ie for information about what debt relief solutions are available..
