Latest figures released by Money Expert has found that a growing number of consumers are struggling with loan repayments and an increasing number of bills.

The records, which cover the last six months, has shown that five million finance motivated payments have been missed or skipped through lack of funds. Consumers hoping to repay any sort of loan repayments are suffering unprecedented rises in interest rates which continue to burn holes in many a pocket.

“The credit crunch is having a painful effect on households who are struggling to meet their financial commitments,” comments Sean Gardner, director of Money Expert.

He concluded, “Interest rates may have been pushed down through 2008 but increased pressures from rising food and energy bills mean consumers are struggling to keep their heads above water. One late payment doesn't represent a financial meltdown but when it becomes a habit there's real room for concern.”