Three in five Irish households (59%) had to borrow to meet the costs of essential household bills last year according to new research released by Switcher.ie.
 
A third of consumers (35%) resorted to using credit cards, while others turned to overdrafts (17%) and bank loans (12%). Two in ten (20%) borrowed money from family and friends, while 13% were gifted money to pay for troubling household bills.
 
The findings suggest that Irish households are still struggling to keep on top of the costs involved with running their homes. This is perhaps unsurprising, given that electricity costs in Ireland are the 6th highest in the EU. Likewise, broadband costs in Ireland consistently rank amongst the highest in Europe. 

But while gas and electricity bills have historically been the biggest worry, the findings show that motor insurance is now an even bigger concern for cash-strapped households. With CSO figures showing that premiums have risen by 57% in the last three years, four in ten consumers (39%) say that their motor insurance bill puts them under financial pressure.

Mortgage and rent payments are the next biggest cause for concern, putting a third (33%) of people under pressure, closely followed by gas and electricity (27%) and motor tax (27%). Sadly, for many there is likely to be little let up in 2017, with one in five people (19%) saying that they are in debt and worried about it.
 
Commenting on the research, Managing Director of Switcher.ie, Eoin Clarke said, "If you’re starting off January in debt and you’re worried about it - like one in five of the people surveyed - there are some simple steps you can take to ease the pressure."

He added, "The first thing to do is to draw up a realistic budget - including all your income and outgoings, as well as a buffer for unexpected expenses - and stick to it. In addition to having a good budget, making savings on household essentials will really help on a day-to-day basis, and is a lot simpler than many people may think." 
 
Source: www.businessworld.ie