The latest Household Financial Confidence Tracker from Compare the Market found that a total of 13% find themselves in this financially precarious position.
The research also found that 57% of mortgage holders say they are unlikely to switch their mortgage to a new deal while rates remain at current levels.
It follows the Bank of England cutting interest rates in August for the first time in four years to 5%.
More cuts were expected before the end of the year, but the bank decided to keep rates unchanged last month.
Almost half – 46% – of the survey’s respondents said they would have been likely to shop around for a new deal if the bank had lowered the rate beyond its current level.
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Many households recognise the important role of the bank rate when it comes to their outgoings, with 39% saying they keep track of it when managing their finances. This includes 51% of 25-34-year-olds.
Compare the Market suggested that, because rates have remained higher for longer, some borrowers will struggle.
This includes credit card holders who struggle to navigate higher costs, with some set to roll off initial 0% interest periods.
Compare the Market’s research found that almost one in four credit card holders – at 24% – are nearing the end of their 0% period.
A 0% credit card allows you to purchase items upfront and pay off the amount that you have spent over a set period without any interest.
However, you need to always pay at least the monthly minimum payment and diarise to pay the card off or do a balance transfer when the 0% ends, to avoid additional charges.
You may also be charged a fee for making the switch – typically between 1% and 4% of the amount you’re moving across.
Households struggle with day-to-day finances
Nearly half – 46% – of UK households feel more pessimistic about their finances in comparison to this time last year, according to the research.
Due to the higher cost of living, more than one in four or 26% of people do not feel confident in being able to manage their household bills in the coming weeks, with many people cutting back on non-essential expenses.
These include eating out at 49%, buying clothes at 41%, holidays at 37%, leisure activities at 34%, large purchases like cars or computers at 32%, and subscriptions at 26%.
Some 13% are not confident in their ability to meet credit card repayments each month.
In addition, 27% have also reduced the amount of money they are able to save each month, while a similar number – 26% – are unable to save any money each month.
Guy Anker, money expert at Compare the Market, said: “I’d encourage everyone to proactively look for savings where possible to avoid needlessly wasting potentially £100s or sometimes £1,000s a year.
“The good news is some mortgage providers have been lowering mortgage rates on their fixes and trackers in recent months, creating opportunities for some to switch to a more affordable deal.
“Standard variable rate (SVR) mortgages, which most people revert to when a fix or tracker ends, tend to be very expensive.
“So, if you’re on one, or you’ll end up on one in the next six months, check if you can save with a new deal.
“There could also be serious savings to be had if you pay interest on credit card debt.”
He continued: “Depending on your credit rating, you may be eligible for a 0% balance transfer card that lets you shift debt to them, in some cases, for more than two years at 0% interest. There could be a fee of between 1% and 4% to make the switch.
“Staying on top of your finances could also involve making some difficult spending decisions, so it is important to create a budget and prioritise what is most important to you in case you need to cut back.
“Taking the time to shop around online can also help to ensure that you do not overspend unnecessarily or miss out on great deals.’’