Payment protection claims and credit card refunds may be needed as a large part of people's incomes is now spent on everyday items such as bills and food.The average British family spends £24,600 a year on items which could be deemed non-luxury, new research from Skipton Financial Services has revealed.Topping the list of monthly expenditure was mortgage payments, as households are currently paying an average of £4,730 each year back to their creditor."It is not surprising that mortgage interest is the number one spend, even though interest rates are at rock bottom levels," said Andrew Barker, the firm's managing director.He explained that just to break even a basic tax payer would need to earn £32,702 a year and with many people currently experiencing pay freezes some would find it difficult.Recent research from MoneySupermarket.com found that one in five families now have no money left from their wages after they have paid for non-essential expenditure.Charles BakerCharles is a reputed financial analyst with decades of experience under his belt.
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