A new study has estimated that 5.7 million Brits are struggling to keep up with their credit card repayments. Just over one in 10 (14%) credit card holders said they were finding it hard to meet their repayments, meaning millions could be grappling with debts across the country.

The research comes from Go.Compare, which used a combination of survey data and ONS figures to estimate how many credit card holders are struggling with their finances due to the cost of living crisis. In response to the results, the insurance comparison site is now sharing how those in financial difficulty can get support.

Young adults and parents were found to be among those struggling the most with this. Just over a fifth (21%) of credit card holders with kids said they are finding it hard to keep up, compared to only 12% of those not supporting a family.

Similarly, around a fifth (22%) of those aged 25 to 34 said they’ve been having difficulty meeting their repayments – the highest proportion of any age group. A similar percentage (19%) of 35 to 54s said the same thing, while only one in 10 others reported having this issue.

Some credit card holders are not struggling to keep on top of their bills completely, but have had to reduce their repayments. One-fifth (19%) reported that they have reduced their repayments because of the cost of living crisis, meaning it’s likely taking Brits a lot longer to pay off what they owe. It could also result in increased debt and a poorer credit score if they drop below the minimum repayments.

The analysis also revealed that card holders across all income levels have had to trim their repayments, not just those on low incomes. Just under a quarter (23%) of those on lower or middle incomes have had to make this reduction, only slightly more than those on a higher income – 18% of which have had to cut back.

Once again, parents were among those most likely to be doing this. Close to a third (30%) of those with kids have done so, in comparison to just 17% of those without kids.

Middle-aged credit card holders and those in their late 20s are also some of the most affected. Just under a quarter (24%) aged 25 to 64 have reduced their repayments, compared to roughly a fifth (19%) of under 25s and just 8% of over 64s. Those in their late 20s and early 30s have been especially affected, with 30% stating that they have cut back on their repayments.

Matt Sanders, credit card expert at Go.Compare, said: “Credit card debt can build up quickly, but there are plenty of things you can do to get back on top of it. So, as difficult as it may be, try not to panic. For instance, your provider could offer you an affordable ‘repayment plan’, so don’t be afraid to reach out. Just keep in mind that they may stop your card if you don’t agree to the plan.

“Your first port of call should be to see if you can get a balance transfer onto a card with a lower APR. They often offer 0% rates for an introductory period, so it’s a good opportunity to clear your debt if you can pay it off before this ends, although they also usually charge a fee for making the transfer. They might also offer to reduce, waive or cancel interest and charges, or pause your payments.

“This means it’ll take longer to pay off and can affect your ability to obtain credit in the future, but it could stop things from piling up. A debt consolidation loan could also help you pay off what you owe, as it can work out cheaper if the loan offers a lower interest rate than your cards. This can also involve up-front costs and could lead to more debt if you can’t pay it off.

“All of these options have their pros and cons, so you need to weigh up which one is best for you. If you’re worried about your credit card repayments, agencies like StepChange and the National Debt Helpline provide support with things like budget management plans. Citizens Advice can also help you find support if you are struggling with day-to-day living costs.”

More information on the cost of living crisis’ impact on credit card holders can be found on Go.Compare’s website.