Higher energy bills pose debt threat for renters
Higher energy bills pose debt threat for renters
Monday 14th July 2008
According to MoneyExpert.com, renters are more vulnerable to the hikes due to the fact that they spend more than double their disposable income on fuel than homeowners.
Research conducted by the site found that the average renters pays 13 per cent of their income on gas and electricity, compared with just five per cent for mortgage holders.
Sean Gardner, director of MoneyExpert.com, said: "Tenants typically pay out more for their energy and power than homeowners. Whether as a total per household or the average per capita, the simple fact is, more of your money goes on fuel.
"Monthly bills for a rented home are up by over ten per cent across the country so renters are feeling the pinch. Paying more for your energy than you need to is not the way to relieve the pressure."
Since January, energy bills have risen by an average of 15 per cent, with industry experts predicting further hikes before the end of the year.
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