62% use credit, savings to pay household bills

More than 60% of cash-strapped Irish households cannot cover the cost of essential household bills and are having to dip into credit cards, overdrafts, and loans just to make ends meet.

That is according to new research published today by consumer switching site Switcher.ie, which has urged families to take control of their household budgets in a bid to reduce the reliance on debt.

The study found that, in the last year, 62% of consumers were forced to resort to using credit or to dip into savings just to pay the basic household bills. Just under 40% said they were able to cover the cost of bills like rent or mortgage, insurance, energy and broadband through their current earnings.