Forty per cent of people have skipped paying power bills while one in ten have skipped meals or mortgage payments in order to try and get on top of crushing “buy now, pay later” debts.

The popularity of online and mobile apps has skyrocketed in the wake of the cost-of-living crisis, leading people into further and further debt thanks to often-insurmountable interest rates.

Finder.com money expert Sarah Megginson told Mick and Gena on 6PR Breakfast money services have proven to be a very easy way for consumers to get themselves in trouble.

“It’s really grim… I think it’s a really sad reminder people are struggling with their budgets at the moment,” Ms Megginson said.

Press PLAY to hear more about how loans are debilitating more and more people