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Consumers rely on credit cards as cash runs short

Household finances are in their worst state since the summer of 2014, according to a closely watched survey.

The latest data show a “sharp and accelerated squeeze” in financial wellbeing in the average British household, as families report the biggest reduction in cash available for them to spend since August 2014.

Consumers are starting to feel the effects of rising prices for everyday goods and services, driven by rising energy costs, petrol prices and the fall in the pound after the Brexit vote, which has pushed up the cost of imports.

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