Fuel price ‘adds to debt management woes’

Rising fuel prices are adding to the debt management struggles of British consumers, it has been suggested.

Price comparison website moneysupermarket.com claimed that urgent action is needed in order to ensure people’s debt problems are not exacerbated by such price increases.

Research by the site found that two-thirds of Britons feel they will not be able to cope financially if fuel price hikes continue.

Head of debt at moneysupermarket.com Tim Moss said consumers are being “stretched to breaking point”.

“People are really starting to suffer and need help urgently,” he added.

Mr Moss said those with financial problems should consider their debt management strategy and figure out exactly how bad their situation is.

He advised prioritising bills and essential expenses such as mortgages, rent and utility bills, while sacrifices may need to be made on things such as magazine subscriptions or pay-TV.

Speaking on BBC Two’s Newsnight, energy minister Malcolm Wicks has claimed the government “certainly” understands the pressures felt by consumers as a result of the high price of fuel.