More families at risk of repossession due to higher bills

Mon, 18 Jul 2011

A new warning has been sent out over the rises in household bills and how they could affect family finances .

According to moneymaxim.co.uk, the anticipated increase in costs could see a greater number of families struggle with debt.

This could see a rise in the number of British homeowners at risk of repossession if they are unable to work out a system of debt management that allows them to cover their repayments .

Moneymaxim.co.uk managing director Mark Bower explained that even a small increase in bills each month "can mean a family has to look to either increase earnings by perhaps taking on a second job or by reducing expenditure in other areas".

The expert noted that some families feel as if the pressure on their income is ever-increasing, with the number of households being affected on the rise.

"Until real incomes start rising again - which the Bank of England warns could be some time off - the challenges for many families will persist," Mr Bower said.

According to the Annual Report on Fuel Poverty Statistics 2011 from the Department of Energy and Climate Change, there were approximately 5.5 million fuel poor households in the UK in 2009 - a year-on-year rise of one million.

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