One in four of us has 'bill phobia'

A new report from moneysupermarket.com reveals that just over a quarter (26%) of UK adults feel stress and anxiety when they receive their bills - and as many as one in five delays opening their bills as they are afraid to deal with them.

Of the people who are stressed and worried about their bills:

• 54% struggle to know how much their bills will be - as prices keep rising.
• 31% have more money leaving their account than coming in every month.

The rising cost of living is clearly having an impact. Inflation reached 4.5% in August, and there are predictions that it could rise to 5% this month.

In fact, the survey found that 43% of UK adults are cutting back on other spending to meet the cost of bills. Of the people cutting back:

• 47% are cutting back on food and drink.
• 56% cannot save because of their bills.
• 74% are going out and socialising less.

A spokesperson for Gregory Pennington commented:

"It is understandable, when money is tight, to feel like burying your head in the sand. However, ignoring bills can lead to debt problems further down the line. A good way to avoid this is to draw up a budget of all income and outgoings every month, and look at previous bills to get an idea of how much they'll cost. This way, you're more likely to avoid nasty surprises when they arrive.

"Finally, if you have more money leaving your account every month than you have coming in, the situation could become serious very quickly - so you should get advice about your debts as soon as possible."