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Research from price comparison website Moneysupermarket.com also found that 9 per cent of people have been forced to spend more on their credit cards as a short term fix because of the rising cost of mortgages and home rentals.

The study found that 1.8 million people have taken out a loan and a further 2.3 million (including 20 per cent of people in their forties) said they had spent more on their credit cards as a direct result of the rising cost of housing.

Moneysupermarket.com warned that the problem would worsen this month as £30bn worth of cheap fixed rate deals were coming up for renewal, leaving thousands more borrowers likely to struggle with higher monthly repayments.

Tim Moss, head of loans and finance at moneysupermarket.com said: "It's a very serious situation when you have people turning to a short term solution to fund a long term problem."

He added: "People have to start ranking what they are spending their money on. You need to rank your mortgage or rent and food at the top and work your way down from there."