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Rising cost of living puts pressure on people in debt
23 July 2010
Average costs of living have increased by £642.12 in the last 12 months, according to research from Confused.com - adding to the financial pressure on struggling borrowers.
The average British household currently spends £18,502.86 a year on bills and other essential costs, up from £17,860.74 last year.
Car insurance, rent/mortgage costs and mobile phone bills have seen the biggest increases in that time, the report adds.
A debt expert at Gregory Pennington said: "Some people might think that a household spending £18,500 a year like this is probably quite comfortable financially, but it still stands that living costs are on the rise, and people who are already struggling are likely to be hit the hardest by this.
"We urge anyone struggling with their costs of living - especially if they are in debt - to get expert advice on how to improve their situation as soon as they can."
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