Consumers default on utility payments
Around 4.7 million utility and unsecured credit bills were left unpaid by Brits, who have been stung financially as a result of rising interest rates over the last half a year, suggests evidence from a new report.
Interest rates have rose 5 times so far in the last 6 months, and have been directly responsible for the financial suffering of a large number of Brits. The BoE predicts that interest is likely to rise a further 2 times over the next 5 months. Economists forewarn that if rates do surpass the 6% mark, there will be disastrous repercussions for society, specifically those people on lower incomes.
The current changes in Britain’s economical climate are bound to have an effect on the populous to some degree, however defaulting on payment for household services such as gas and electricity can have severe consequences, namely court summons and damaged credit profiles.
It is highly important for any person who is currently struggling financially to seek help. Burying your head in the sand will increase the magnitude of the problem and will make your situation all the more desperate. A good staring point could be the national debt line, their advice is impartial and their debt solutions are offered free of charge.
