Energy hikes deal fresh blow to debt-hit consumers
Energy hikes deal fresh blow to debt-hit consumers
Monday 9th June 2008
Energy industry experts have predicted that the average bill will increase to £1,410 this year, as a result of a 43 per cent increases in gas prices and a 21 per cent surge in electricity bills.
The increases have been fuelled by higher wholesale costs for energy companies, who have been forced to adjust their tariffs accordingly.
According to Capital Economics, the groups to be hardest hit will be low income households and pensioners, since these typically spend 30 per cent of their income on energy compared with 17 per cent for higher earning homes.
The increasing pressure on these groups is thought to be the driving factor behind a 4.3 per cent rise in the number of individual voluntary arrangements (IVAs) registered by the Office of National Statistics during the first three months of this year.
Debt1, official website of Byrom & Keeley - Experts in Debt Management.
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