Debt and repossession fears could intensify

Mon, 04 Jul 2011

British households could see debt and repossession fears intensify this year, after one charity suggested that finances could be hit even harder in 2011.According to Credit Action, the recent rises in energy prices have added pressure to already tight family purse strings.

Moneysupermarket.com recently reported that the increasing cost of household bills is the biggest worry for many Brits.

Credit Action associate director Joanna Parsley explained that further increases to energy prices could compound the misery for some struggling families.

"It's hard to say whether the increasing cost of bills has led to more families becoming indebted," she said.

"However, for families that are using credit to fund everyday essentials, this can be a sign of difficulty."

The expert added that those concerned about their energy costs should talk to their supplier and seek free independent advice to work out a way to solve the problem.

Scottish Power has come in for criticism recently after announcing that it is raising the cost of some energy by 19 per cent.
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