Increasing inflation signals hard winter ahead for many
National Debtline responds to the latest ONS inflation figures.
Posted November 20, 2024
The Office for National Statistics has published its latest Consumer Prices Index, which shows the rate of inflation rose to 2.3 percent in the 12 months to October, up from 1.7 percent in September 2024.
Findings from leading debt advice charity National Debtline show millions of households continue to experience financial difficulty, with many facing this alone. One fifth (17 per cent) of people who were worried about their finances this winter had not told anyone about their money worries. – equivalent to 4.2 million people.
And with energy debt at record levels, high energy costs continue to bear down on household budgets – the charity’s findings show that two in five people (38 percent) are concerned about affording their energy bills this winter.
National Debtline is calling for urgent action to tackle energy debt through a Help to Repay Scheme.
Steve Vaid, chief executive of the Money Advice Trust, the charity that runs National Debtline, said:
“With inflation on the up again, the pain is far from over for struggling households.
“Coupled with higher energy costs, this is set to be a hard winter for millions of households without additional support.
“As costs increase, debts can pile up, and many people already dealing with unmanageable debts are only likely to see their situation worsen.
“We urgently need to see action to help households dealing with unaffordable arrears, including a Help to Repay scheme for energy debts.
“National Debtline is here to help anyone worried about their finances, with free, independent and expert advice.”
National Debtline provides free, independent, expert advice. Contact National Debtline for free on 0808 808 4000 or via www.nationaldebtline.org
