According to research from Bluestone Mortgages, around 64% of those with missed payments said the cost of living was the main reason for the payment being missed.
Utility bills were the top missed payment, with 10% of respondents missing one or more payments, followed by credit card payments at 9%.
Mobile phone bills made up 7% of missed payments, rent payments were 5% and loan repayments accounted for 4%.
For those with adverse credit, around 40% said that their missed payments were utility bills, 35% pointed to credit card payments, 29% to mobile phone bills, 21% to rent payments and 18% to loan repayments.
Of those who skipped a payment in the last year, around 29% said that not knowing where to begin in terms of financial advice or feeling too embarrassed to ask for help were key barriers.
Around 29% said that they were too embarrassed to admit the state of their finances and 20% said that they were worried about the impact on their credit score.
Ryan Davies, strategy director at Bluestone Mortgages, said: “Missed payments are no longer isolated events and are becoming part and parcel of people’s everyday lives as the squeeze on household and personal finances continues to take its toll.
“As a result, we expect to see a growing number of customers with adverse credit looking for financial support. The mortgage industry has a key role to play in supporting these customers, creating a safe space for them to talk about their financial situation without embarrassment while providing them with information about the different options available. Ultimately, it is our duty as an industry to signpost these customers to the help they need during these challenging times.”
