Britons ’struggling’ to pay bills
Article Category: Debt Management Help and Advice
UK consumers are finding it difficult to meet expenses as concern about inflation has risen, a new report shows.
Lloyds TSB’s newly released Consumer Barometer indicates that 73 per cent of people in Britain believe that prices rose over the past year, with the balance of consumers thinking that prices are higher rather than lower found to be at its highest level since November 2004.
Chief economist at Lloyds TSB Corporate Markets Trevor Williams said that wage increases could ease debt problems for some people.
"As consumers struggle to pay their bills, we expect demand for higher wages to increase," he said, citing official data showing that wage growth hit a six month high in September of this year.
An interest rate cut - widely predicted by economists and consumers - may also help Britons with debt management, he said.
The number of respondents expecting an interest rate rise over the next 12 months dropped from 53 per cent last month to 43 per cent.
Mercer has predicted that UK salaries are to rise by an average of 3.1 per cent next year.
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