More than one in 10 have missed repayments

More than one in ten (11%) cash-strapped borrowers have missed payments on either their mortgage, credit card, or personal loan in the last six months , according to research from MoneyExpert.com.

And with the pressure mounting on households the independent financial comparison website is warning that more bills are likely to go unpaid in the coming months.

The research reveals that at least five million finance related bills have been missed with credit cards proving to be the greatest burden to struggling borrowers. Around 4 million credit card users admit to having missed a payment in the six months to September - around 9% of the adult population.

Worryingly, the number of people missing payments on personal loans has increased considerably relative to the previous six month period. In the six months to September over 1.3 million people missed a personal loan repayment. In the six months to January this year that figure was 859,000.

Sean Gardner, Director of MoneyExpert.com, said: "The credit crunch is having a painful effect on households who are struggling to meet their financial commitments.

"Interest rates may have been pushed down through 2008 but increased pressures from rising food and energy bills mean consumers are struggling to keep their heads above water. One late payment doesn't represent a financial meltdown but when it becomes a habit there's real room for concern. And the consequences, whether it's losing a service altogether of even ending up in court can be very serious indeed."

With HSBC and Woolwich hiking their mortgage rates this week, and others likely to follow suit, those with mortgages are likely to feel increasing pressure in the coming months.

Those soon coming off fixed-rate deals will have found their options tightened considerably with Woolwich raising it's three, five, and ten year fixed deal by 0.35%. HSBC has raised it's two, three, and five year deals by 0.3% for those with 10% deposits, representing £300 extra a year on a £150,000 mortgage.