Cash-strapped Irish householders are borrowing money or using savings to pay bills

Extortionate motor insurance remains the biggest hurdle, new research shows.

Cash-strapped householders are at breaking point despite the economic recovery.

Everyday bills are tipping families over the edge, with two-thirds raiding savings or borrowing just to make ends meet - writes dublinlive.ie

Extortionate motor insurance remains the biggest hurdle, new research shows.

Mortgages or rent is the second biggest worry for struggling consumers.

Money expert, Eoin Clarke, said: “As our research sadly shows, juggling bills, scraping together money and stressing about living costs are a daily fact of life for many of us today.”

Loans should be a last resort, the managing director of Switcher.ie , which released the data, warns.

Mr Clarke said: “Relying on borrowing or savings to see each month through might seem like an easy or quick fix, but it can bring long-term pain.”

Overall, six in ten consumers can’t cover household bills with their regular income.

One-fifth say they are weighed down by debt as a result.

Plastic is popular, with 26% using their credit card to cover household expenses.

Overdrafts are how 16% get by and another 12% count on their family on friends to help out.

A minority, 2%, have turned to money lenders and payday loans, while 4% have pawned off valuables to get them out of a hole.

Rainy day funds are plundered regularly, as 35% admit they dip into their deposit account to keep afloat.

Although premiums are going down, almost half say forking out for motor insurance puts them under pressure.

However it’s not the only sticking point, with 43% saying their rent or mortgage payments cause them financial stress, closely followed by motor tax, 40%, and health insurance, 36%.

Energy price hikes mean electricity bills are crippling one-third of people.

But shopping around can help consumers save their hard earned cash.

Mr Clarke said: “The fact is that many of us stick with the same providers for years and years, automatically renewing our policies and contracts.

“As a result, we often end up paying far more than we need to for these essentials.

“Some of the biggest financial headaches could be easily reduced if you’re willing to set aside an hour or two to shop around for better deals.

“In fact, switching energy, broadband and mobile plan alone could save you well over €1,000.”

Read more news of Dublin on our site.

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