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Brief
Summary:
The Financial Conduct Authority (FCA) has published new research showing that while many people are still struggling to meet financial commitments, the number has decreased over the last year. As of January 2024, 7.4 million people were struggling to pay bills and credit repayments, down from 10.9 million in January 2023. The FCA has strengthened protections for borrowers, including requirements for lenders to support customers in financial difficulty and provide them with options to manage payment difficulties. The regulator is urging those in financial difficulty to contact their lender for support and visit MoneyHelper for free debt advice.
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