Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Millions borrowing to pay essential bills at Christmas, charities warn

by December 15, 2023
December 15, 2023
Millions borrowing to pay essential bills at Christmas, charities warn

Millions of people are borrowing to pay essential bills at Christmas, charities warn, with energy debts a key concern as prices are set to rise again.

Citizens Advice said it was seeing more people falling behind on energy bills as winter began, owing an average of £1,841 to their supplier.

The government said its cost-of-living payments were easing the burden.

Charities say some families face paying off loans, adding to the financial strain as they cut back on basics.

The Joseph Rowntree Foundation, which campaigns on social issues, said a third of those it surveyed said they still had loans to pay off, which had originally been taken out to cover the costs of food, housing costs, energy bills or council tax.

Those debts can grow as interest is added, but there are warnings that people are still borrowing to make ends meet.

Debt charity StepChange estimated that 2.6 million UK adults used credit to pay for essential household bills in the last three months. Nearly half of those with existing debt faced difficulty keeping up with household bills and credit commitments.

New figures from Ofgem, the energy industry watchdog, revealed that the amount of debt and arrears faced by gas and electricity customers swelled to £2.9bn between July and September.

That is up from £1.9bn in the same three months last year and 13% higher than the previous quarter between April and June.

Households in arrears – where a customer owes a supplier but has not worked out a payment plan – make up the vast majority of the overall figure, at more than £2bn.

Customers in debt, who have a re-payment agreement with their energy company, totalled £830m.

Read more:
Millions borrowing to pay essential bills at Christmas, charities warn

0
FacebookTwitterGoogle +Pinterest
previous post
UK’s budding entrepreneurs stifled by cost of living crisis
next post
Government injects £530m in connectivity to support over 330,000 homes and businesses this year

You may also like

Used car sales climb as consumers shy away...

November 7, 2024

Worried consumers still plan to spend big

March 24, 2023

Mortgage approvals lowest in two years after mini-budget...

January 4, 2023

Secrets of Success: Ed Johnson, CEO and Co-Founder...

August 12, 2024

UK inflation rate unchanged at 8.7% in May

June 21, 2023

Rail strikes could end as RMT agrees deal...

November 9, 2023

Half a million small businesses disappear since pandemic...

October 7, 2024

China’s exports surge, pushing trade surplus to $99bn...

July 19, 2024

Labour Wins Endorsement from 120 Business Leaders

May 27, 2024

Tax hikes blamed for slide in business confidence...

January 6, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025
    • Tech ETFs are Leading Since April, but Another Group is Leading YTD

      June 7, 2025
    • TIMELINE: Inside the evolving relationship between Trump and Musk from first term to this week’s fallout

      June 7, 2025
    • Deadly drone wars are already here and the US is horribly unprepared

      June 7, 2025
    • Week Ahead: NIFTY’s Behavior Against This Level Crucial As The Index Looks At Potential Resumption Of An Upmove

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,564)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved