The latest research, by Bluestone Mortgages, found that 24% of UK adults – or around five million people – had missed a payment in the year to April 2024, compared to 18% in the prior year.

Nearly two thirds (64%) of those who had missed payments put this mainly down to the cost of living crisis.

Utility bills were the most commonly-missed payment, followed by credit card bills. 

Those with previous adverse credit were significantly more likely to have missed a payment over the past year. 

Seven in 10  respondents who had missed a payment in the last year said this impacted their ability to access financial services. 

The research found respondents who had missed a payment were often wary of seeking financial support.

Many said they were embarrassed or felt overwhelmed and didn’t know where to start. 

Bluestone strategy director Ryan Davies says: “Missed payments are no longer isolated events and are becoming part and parcel of people’s everyday lives as the squeeze on household and personal finances continues to take its toll. 

“For people in this situation, we urge you to reach out to your provider to ask for support. “While it can be incredibly challenging to take that first step and admit that you’re in financial difficulty, it can make a real difference and prevent people from future adverse credit.”