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Soaring Energy Prices Cause Widespread Debt Problems


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For many home owners 2008 hasn't exactly gone smoothly with the cost of living going through the roof with regards to almost every element of our lives; Car fuel, food, even the mortgages we buy our homes with have gone so high that they have priced many people out of the housing market as well as leading to many repossessions and delayed payments.

The problems with Gas and Electricity prices has gotten so bad that the National Housing Federation has predicted that by 2009 1 in 10 homes will have debts due to their fuel costs being so high, that figure may not seem like a large proportion of the population but this equates to 2.6 million homes and instantly become a worryingly large statistic.

By 2010 it is estimated that electricity and gas prices will have increased by £500 and £900 respectively and the report being filed by the NHF, titled “Fuel prices and Debt" says many low income families may end up losing their homes.

Debt is a hot topic these days with many people facing the prospect of not only getting into the red but facing increasingly impossible odds of bouncing back any time soon. There have been a few plans made by the government for those harder hit on the energy front such as winter fuel allowances and cut rates for those who cut down on their consumption.

The widespread debt problems still demand more as the director of the NHF said, “The fact that 2.6 million households are set to go into debt shows just how desperate the national energy crisis now is. " With many people having to cut back in order to not end up with mounting debts it is likely we'll see more of these debt solutions in the coming months as our fuel usage are likely to rise in the winter months.

A recent motion passed by Prime Minister Gordon Brown has seen him pledge £910 million into a package to partner with the energy companies hoping to introduce initiatives like half price insulation and freezing fuel bills for the poorer households. This is all in the face of public and government outcries for the fuel companies to be hit with some form of windfall tax in order recoup some of the, some say “unjustified" profits they've been enjoying as of late.

If you are struggling and need advice on debt management then don't waste valuable time, look into arranging your loans perhaps via debt consolidation loans or other methods of debt management to make sure you get the debt behind you.

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