Figures released by Bacs Payment Schemes Limited (Bacs), the people behind Direct Debit in the UK, show that 24 per cent of households say they often find themselves more financially over committed at the end of the month than before, with 17 per cent admitting they find themselves overdrawn more regularly than previously.
The figures form part of the Bacs Family Finance Tracker which analyses the spending habits of British adults across the United Kingdom. The average household has to find £12,047 annually or just over £1,000 every month just to cover regular outgoings
With those figures in mind, Bacs is running a nationwide Big Break campaign where one lucky household will win the opportunity to live bill free for a year by winning a £12,000 big break of their own.
The Big Break campaign is being supported by utility companies, local authorities and service providers. All bill payers have to do is set-up a Direct Debit with a participating biller (see www.thebigbreak.co.uk for more information) and they will be automatically entered into the prize draw.
Mike Hutchinson from Bacs said: “Balancing the family budget is becoming increasingly difficult for many people. Our research shows that some families are not only financially stretched but are falling back on overdrafts in order to make ends meet. But there are savings to be found - for example, lots of billers offer discounts to customers who pay by Direct Debit. On top of that, Direct Debit helps to spread costs and is the ideal way for bill payers to budget for their regular outgoings.
“And, with our Big Break campaign, one lucky bill payer will win £12000 - enough to be able to take a break from paying the bills for an entire year.”
The Bacs Family Finance Tracker research also confirms the saying that ‘when the going gets tough, the tough go shopping,’ by revealing that as a nation we find it hard to say ‘no’ when it comes to spoiling ourselves with 30 per cent of respondents saying that they often treat themselves even though they can’t really afford to.
To find out more about the Big Break go to the official website at: Big Break