Energy prices hit older consumers hard
Energy prices hit older consumers hard
Thursday 16th October 2008
Research by Alliance Trust suggests that older Britons with severe debt problems could particularly feel the impact of the credit crunch this winter and might have to turn to an individual voluntary arrangement or face bankruptcy.
Based on the typical use of gas and electricity appliances, Britons aged between 50 and 64 will experience inflation at six per cent, people between 65 and 74 years old will experience a rate of 6.7 per cent and the over-75s will be worst hit with an inflation rate of 7.8 per cent.
It comes as data supporting consumer prices index inflation, which was announced at 5.2 per cent his week, revealed that gas prices have increased by almost 50 per cent in the last year and electricity prices have risen by 30 per cent.
Shona Dobbie, head of the Alliance Trust Research Centre, said: "Even when inflationary forces begin to ease, we expect actual price levels for basic goods and services to remain high."
Total UK personal debt has increased by £83 billion in the twelve months to August 2008, according to Credit Action.
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