Rising costs of food and fuel are stretching income

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RISING costs of food and fuel are the cause of financial struggles leading up to payday.

Research by R3, the insolvency trade body, shows 79 per cent of people in the south east blame food price rises, while 74 blame the soaring prices at the pumps.

Nicola Layland, member of R3’s Southern Committee and senior manager at Portland Business Recovery in Fareham, said: ‘It would be difficult to find anyone in the south east who has not been affected in some way by rising fuel prices and last month in particular was difficult as petrol prices hit an all-time high.’

R3 also found six per cent of people in the region were likely to seek a payday loan in the next six months, but 94 per cent feel that changes need to be made in order to protect consumers from payday loan lenders.