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Number of People Who Can't Afford to Pay for Energy is Rising
02/06/2011
The Money Advice Trust, which runs National Debtline, said the number of people seeking advice for fuel debts since 2007 had increased by 181% and that during the past 12 months there had been a 10% rise in the level of consumers who could not afford to pay their utility bills.
The situation has been caused by the steep rise in energy prices seen during the past two years, combined with the growing squeeze on people's finances due to higher taxes and increases in the cost of living.
Chief executive of the Money Advice Trust, Joanna Elson, said: ‘Fuel debts have now become a major part of our debt landscape and are one of the fastest growing problems we have witnessed at National Debtline. We have been working closely with several energy companies who have been keen to engage in the best ways to help their customers get back to a more healthy financial position’.
The group urged people who had fallen behind with their energy bills to contact a free debt advice agency, such as National Debtline, and talk to an adviser who could help them draw up a budget and identify if they were paying too much for their gas or electricity.
Homeowners aged over 55 years who are concerned about the cost of energy and would like to know how much money the value of their property could release to increase their income, can find out by contacting therightequityrelease.co.uk for equity release advice.
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