Use of credit during the pandemic

People with mental health problems were more likely to have taken out new credit during the pandemic. One in five people with mental health problems (20%) said they took out a credit card (compared to 14% of the wider population), while around one in eight (12%) used ‘Buy Now Pay Later’ products (compared to 5% of the wider population).

The key reason people with mental health problems said they took out new credit during the pandemic was to pay for essential living costs such as food and heating. 35% of people with mental health problems cited this reason, compared to 23% of the wider population.