More than half of Irish households are forced to borrow money to pay essential bills, according to a new survey from uSwitch.ie.
The report founds that 57% of us dip into savings or borrow from family and friends in order to make ends meet while 43% are resorting to credit cards and overdrafts.
Eoin Clarke, head of uSwitch.ie the price comparison site which conducted the survey, said: “As the cost of living soars, incomes are failing to keep pace, leaving many households struggling to keep their heads above water.”
He said one of the biggest worries was paying electricity and other energy bills but said there were ways consumers could ease the burden without going into debt.
He added: “This is why it’s so important that consumers now ensure that they are paying the least amount possible on their essential bills as this will put some much-needed cash back into their pockets.
“The continued hikes in energy prices are having a major effect on Irish households and their finances.”
He added: “It is important to ensure that consumers are paying the lowest possible price for their energy.
“They should also cut down on any unnecessary energy usage in order to save some money.
“You could save as much as €254 a year just by switching energy suppliers alone.”
