Household finances ‘to be squeezed in 2013’

Household finances are set to be squeezed in 2013 as consumers struggle for spare cash.

This is partly due to the fact that inflation is going to remain above the Bank of England's two per cent target, My Finances reports.

Energy and food prices are also expected to rise dramatically in the coming months, which will hit consumers hard in the wallet.

As a result of this, many people may find themselves struggling to make ends meet and so may benefit from seeking out a debt management plan.

This option offers Britons an informal way of managing their debts and reducing their monthly repayments.

The news provider stated that with austerity measures set to continue in 2013 – as the government tries to meet its own deficit reduction targets – there will once again not be a lot of additional money for individuals to spend.

In order to maximise their budgets, households are therefore being encouraged to seek out the best deals on their bills.

By James Francis