The struggle to become debt free could become more difficult if energy prices continue to rise, many Brits fear.
According to Moneysupermarket.com, 40 per cent of bill payers in the UK are finding it hard to pay for gas and electricity at present.
And with bills expected to increase by up to 40 per cent by the end of the year, 86 per cent of people believe they could not afford the hike.
Paul Schofield, head of utilities at Moneysupermarket.com, said that any such rises will hit those on standard tariffs the hardest, potentially pushing bills up in excess of £1,400 a year.
“I urge Brits to shop around for the best deal – not to waste their hard-earned cash paying over the odds for energy bills – especially as they are set to rise,” he recommended.
Meanwhile, Philip Bond, a senior lecturer at the University of Cumbria, warned last week that much of the UK’s adult population is struggling with debt management issues.
By Neil Condron