Household bill hike adding to debt concerns

Wed, 02 May 2012

concerns felt by many households across the UK in times of economic uncertainty are likely to be exacerbated by rising household bills.

New research from Santander has shown these costs have escalated at nearly double the rate of inflation over the last ten years, resulting in 29 per cent of Brits reducing their overall standard of living.

According to the findings, these bills have climbed 71 per cent in the past decade, which calculates at almost twice the speed of inflation increases - amounting to 38 per cent - over the same timeframe.

It was also demonstrated that ten per cent of respondents fear they would not be able to make ends meet if their bills hike anymore over the coming year.

Carlos Palacios, banking director at Santander, noted: "Times are tough for a lot of people at the moment and increasing household bills are one of the biggest causes of squeezed consumer finances ."

Mr Palacios recommended a number of ways in which homeowners can attempt to keep these costs down, such as switching utility suppliers and installing home energy monitors .
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