Households will be pushed towards debt by a series of rises and support cuts in the coming weeks and months, the Government is told
Millions of households will be pushed closer towards debt this autumn by bill rises and the ending of financial support schemes, consumer experts have warned.
“There’s little doubt that despite the first seeds of hope, the cost-of-living crisis is still pushing millions of people closer towards debt and disaster. People have spent the last few years trying to weather the storm, but the cracks in our finances as a nation have been evident for some time.
“We’re particularly concerned about households with children and young people and those on lower incomes, who are most likely to struggle with their heating costs.”The Chancellor said the payment to help older people with energy bills – worth up to £300 a year – will be scrapped for those not in receipt of pension credit.
“The Chancellor’s cruel decision to axe winter fuel payments for millions will prove a false economy as more vulnerable people succumb to the health complications from living in cold damp homes and turn to the NHS for help this winter.”Fixed mortgage rates are currently going down, but rates are still higher than they were two years ago.
However, some will see even higher rises if they move onto fixed deals with even larger interest rates than they have previously been used to.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Households have BBC TV License bill slashed after thousands cancelThe new advice comes after over 500,000 households cancelled their BBC Licence fee last year, with many looking for ways to cut costs in a difficult financial climate
Read more »
Major tax change for thousands of households from TODAY – will your bill go down?...Spring Budget 2024: How income tax and National Insurance work
Read more »
Why households may face extra 10% energy bill rise on top of price cap increaseProposal to scrap standing charge and move costs to unit rate could see bills rise for 500,000 low-income households, Ofgem warns
Read more »
Older people urged to check for Council Tax discount to help boost incomePensioner households on a low income could get £800 knocked off their annual Council Tax bill.
Read more »
Indian government sets aside bill treating influencers like real broadcastersOnline celebs might find that flattering – but not if it means a committee must approve their next livestream
Read more »
Exclusive: Home Office Spending On Consultants Soared In Final Year Of Tory GovernmentKevin Schofield is Politics Editor of HuffPost UK.
Read more »