As if consumer's debt management plans weren't already stretched to breaking point, the bad news keeps on coming for those in financial arrears amidst reports that British Gas will increase their bills by a staggering 35%.
According to a report on This is Money, British Gas, despite posting astronomical profits, plan to increase their utility bills by as much as 35% which is sure to create many a furrowed brow and considerable debt management problems for homeowners and consumers up and down the country. The company plans to increase its gas bills by 35% and their electricity bills by 9% in a move which may well prove to be the straw that broke the camel's back for many homeowners who are in the midst of significant debt management problems. The state of many homeowner's finances are convincing them that now is the time to seek debt management advice before their situation becomes untenable which looks increasingly likely in the face of such extraordinary price hikes.
Debt Management - Slap in the Face
Many homeowners, not least those experiencing debt management problems, are likely to see the vast price hike being implemented by British Gas as a slap in the face given the fact that the company posted profits of £1.2 billion last year. The fallout from these price rises is likely to be considerable with regard to the debt management plans of millions of homeowners who are already treading a tightrope with their financial arrears. According to the report on This is Money, those who receive their gas and electricity from British Gas can expect the annual bill to increase by as much as £262.30 which is obviously an additional financial burden on those who are already struggling to keep their debt management plans in check. These increases are on the back of a 15% increase in bills by British Gas in January which actually means that homeowner's bills could actually increase by in excess of £400 annually.
Debt Management - Acting Now is Crucial
Speaking to This is Money, financial expert Tim Wolferden stated, “Many people are going to struggle to afford to heat their home this winter. People need to act right away to fix to cheaper prices or else see huge bills arriving on their doorstep next February or March.” As such, many will seek the counsel of debt management professionals who will be able to take stock of an individual's finances and devise the best of course of action to return them to a firmer financial footing.
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