Debt consolidation could be required by motorists following petrol price rises
Debt consolidation could be required by motorists following petrol price rises
Thursday 29th October 2009
The average price of a litre of petrol is now 107.4 pence and a litre of diesel is 108.4 pence. Although the price of filling up fell in early October, this recent climb means that a full tank of petrol costs as much as £1.10 more than it did only a few weeks ago.
Because of the increased cost of running a car, it is likely that more people will look into debt management as a way of controlling their monthly outgoings. Debt consolidation is one of the main ways of doing this.
The AA is blaming the activities of stock market traders for the recent jump in the price of petrol. It says that the shift of assets from currencies to commodities is behind the rise.
Paul Watters, head of public affairs at the AA, said that the organisation hopes the development could be a temporary blip: "With the rise in wholesale prices slowing and the price of oil falling back, the AA is hoping that this is yet another spike in the pump price that will drop back.
"However, it comes as drivers see the demands of winter motoring increase their vehicles' fuel consumption. This is bad news for families trying to make ends meet in recession."
Earlier this month, the AA found that driving insurance premiums are rising faster than any time in the past 15 years.
News article brought to you by Debt1 – UK debt management specialists
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