With inflation resting in double digits since last September, millions of Britons kicked off the year by missing an essential payment, recent data has found. Missed payments come with consequences, however, there are ways to take back control of debt, and it all starts with a conversation.

A recent poll from Which? revealed that around 2.3 million households missed paying an essential bill in January - an increase of 400,000 from December. The same study found that nearly 59 percent made at least one financial adjustment such as selling items, dipping into savings or cutting back on essentials, to cover their spending.

This comes after grocery prices recently jumped by a record 16.7 percent compared to last year, indicating the largest hike since 2008, according to Kantar. The average food bill is now expected to rise by £788 this year – bringing the total amount to £5,504 – and for many, this may leave them living below their means to manage their finances in line with soaring living costs.

Tim Chong, CEO of Yonder, commented: “It is clear the cost of living crisis is affecting households up and down the country."

However, Mr Chong said: “The onus is now on businesses and financial providers to make customers aware of how best to manage their personal finances in order to weather the storm.”

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Paying off high-interest debt quickly can mean a person pays less interest overall, so figuring out how to tackle this first can also be a good point of call.

Mat Megens, founder of the money management app HypeJar, said: “If you have a high-interest credit card, consider a zero percent balance transfer card so you don't have to pay interest at all.”

Mr Megen also suggested people create a simple tracker to help with better money management.

He said: “You need to know your exact ingoing and outgoing payments in order to track your spending efficiently. Add up all of your expenses so you know what's coming in and going out – the best way to do this is with a budget planner.”