“Challenges far from over” – National Debtline responds to latest inflation figures
National Debtline responds to the latest inflation figures.
Posted March 20, 2024
The Office for National Statistics has published its latest Consumer Prices Index, which shows the rate of inflation fell to 3.4 percent in the 12 months to February 2024, from 4 percent in January.
Findings from National Debtline show 17.2 million (32 percent) UK adults expect finances to worsen by end of the year and research published by the Money and Pensions Service reveals that 12.6 million people are now at risk financially, struggling to keep up with bills and borrowing commitments.
With council tax bills set to rise in April, and energy debt levels at record highs, the charity warns the challenges are far from over for households with budgets already struggling to meet essential costs.
David Cheadle, chief operating officer at National Debtline, said:
“This fall in the rate at which prices are increasing is welcome, but the challenges facing millions of people already struggling are far from over.
“With energy arrears at record levels, and higher council tax bills now landing on doormats, for many households it will feel like there is no end in sight to the financial pressure they are under. Without further support, more people will face unaffordable debts.
“The Government’s six-month extension to the Household Support Fund, announced in the Budget is welcome, but a longer plan is needed for struggling households including a Help to Repay scheme for people in unmanageable energy arrears.
“Our message to anyone worried about their finances is to contact National Debtline – our advisers can help, whatever your circumstances.” National Debtline provides free, independent, expert advice. Contact National Debtline for free on 0808 808 4000 or via www.nationaldebtline.org.
