Household bills have skyrocketed since the recession hit, climbing by a whopping 40% since before the global financial meltdown.
Families now pay an average of almost £8,202 a year on household bills alone, according to research by the direct debit payment organisation Bacs.
The Family Finance Tracker report by Bacs has revealed a huge increase in average household spend in the last five years, which has left families struggling with their finances.
The report found that the yearly cost of household bills has increased from £5,834 in 2007 to a staggering £8,202 in 2012.
When other lifestyle costs are included, such as gym membership, a mobile phone contract and personal loans, the average cost of bills for a family is £12,358 a year.
This follows an increase in spending on lifestyle services from £3,830 in 2007 to £4,146 in 2012, according to Bacs.
“Our latest research clearly shows that hard-pressed family budgets are being strained more than ever,” said Mike Hutchinson, of Bacs.
The report looked at the spending habits of nearly 4,000 adults in the UK, and found that around a quarter of people today often overstretch themselves financially. In 2007, this figure was just 17%.
“The household purse is increasingly being squeezed and a big bill could tip the family budget over the edge,” added Mr Hutchinson.
“But splitting that cost across the year could relieve some of the strain and with the discounts offered from many billers and service providers for paying by direct debit, there’s an opportunity to save some vital pounds.”
With inflation still above the government’s target of 2%, there looks to be little sign of relief for families struggling with their finances.
Responsible lenders offer unsecured personal loans which are available to give you access to the funds you may require. Of course, no such loan should be taken lightly, and as with any form of borrowing it is important that you are able to meet repayments.