UK Money News
18th December 2007
Next year 'will be financially tough'
A combination of factors will make 2008 a "tough year financially", according to AWD Chase de Vere.
Savings manager at the independent personal finance adviser Susan Hannums explains that the rising cost of utilities such as gas and electricity, combined with the end of fixed-rate mortgages, may result in the situation coming as "a bit of a shock" to some.
As such, an unexpected financial burden may result in consumers getting into trouble with debt and needing help with money.
Ms Hannums adds that she believes it is going to be harder for people to save.
"But the thing we need to drum in more than anything else is that we've got to start paying off and get away from using credit all the time," she notes.
Research by CreditAction in January 2007 revealed that average household debt in the UK is £8,765 - excluding mortgages - and £52,811 if mortgages are taken into account.
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