Rising gas and electric costs 'causing fuel poverty'

The continually rising cost of gas and electric bills has resulted in many people facing a situation of fuel poverty, an expert has said.

Due to issues such as high inflation, some families across the country have been forced to borrow on credit cards or personal loans just to make ends meet in terms of their essential outgoings.

And according to Delroy Corinaldi, director of external affairs at the Consumer Credit Counselling Service, this is resulting in a large number of Britons slipping into fuel poverty due to the excessive pressure being put on them by energy prices.

Mr Corinaldi explained that because the typical combined gas and electric bill in the UK is £136 per month, this represents a significant percentage of the average net monthly income of £847.

This comes only a couple of weeks after people were urged to switch providers in order to save money on their utilities bills.

Taking the time to compare the most cost-effective gas and electric deals is a worthwhile exercise in the aftermath of the global economic downturn.

That is the opinion of Jasmine Birtles, founder of online resource Money Magpie, who has urged people to conduct market research to see if they could save money on essentials such as utilities and home insurance.

Ms Birtles noted that this is one of the best ways to combat the impact of high inflation on a household's finances, as "nobody can afford to be complacent now they have to switch in order to do anything or get a decent rate on anything and save money".

In addition, she stated that striving to find the best broadband deals available is also a good idea.

But it’s not just utilities that have seen the brunt of the recent recession.

It would appear that Britons are reducing the amount they use their current account balance to buy items for their partner, new research has revealed.

According to a study published yesterday (September 14th) by Santander Credit Cards, general money worries and the rising cost of living in the UK has resulted in people being more frugal when it comes to spending on their next of kin.

Figures collated by the financier show that the outlay of consumers on their loved ones has fallen by around 20 per cent from £1,103 annually to £879 per year.

There is also a discrepancy in terms of how men and women plan to cut their spending on their partner, with the former sex indicating this will be done to the tune of 18 per cent while the latter noted a cut of 23 per cent is likely.

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