Brits worried over soaring energy bills

Thursday 14th August 2008

Consumers are becoming increasingly concerned over their ability to pay their energy bills, as soaring living costs and higher debt repayments begin to take their toll on people's personal finances.

Earlier this month, British Gas announced that it was hiking its tariffs by up to 35 per cent - a move which followed an increase of 22 per cent from EDF.

The effect the hikes are set to have on consumers has now been borne out by a poll conducted by moneysupermarket.com, in which 34 per cent of people admitted they were already worried about paying the higher bills.

Even more concerning is that just 11 per cent of those quizzed said they could still afford their bills if energy prices rise again - a situation deemed likely by energy sector experts.

Scott Byrom, head of utilities at the site, said: "With inflation at a 16 year high of 4.4 per cent for July, fuelled in part by high energy prices, it is little wonder that the prospect of further price rises is causing concern for bill payers.

"It is a worry if people - particularly the old and vulnerable - are deterred from heating their homes because of the mounting cost."

Consumers concerned about their personal finances may wish to consider a debt solution such as debt consolidation loan or Individual Voluntary Arrangement (IVA).

Would an IVA solve you Debt Problems?

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