Blogs

Soaring energy bills have left an estimated 5.5 million UK households in debt to their gas and electricity suppliers.

Research revealed that a massive £728 million is owed to energy suppliers and is part of a backlog that saw gas and electricity prices rise by 42% in 2008.

The effects of the prices hikes are still being felt two years later with the average customer owing £132 in debt, according to research from price comparison site uSwitch.com. Bill prices did drop in 2009 but only by 4% on average.

New figures from the Consumer Credit Counselling Service (CCCS) have shown that men are more likely than women to need an Individual Voluntary Arrangement (IVA).

According to the debt charity the main reason for the figures is that on average men are solvent more often than women are.
The CCCS said that around 55% of their IVA’s went to men in 2009 and that they tend to recommend IVA’s and bankruptcy as options to men more often than they would to women.

When rappers are usually talking about money, the focus is usually on big cars and “bling” but British rapper Tinchy Stryder has been bucking the trend, teaching schoolchildren in London about the importance of looking after your finances.

As part of a government scheme to introduce concepts of debt and financial management to children at a younger age, the 22-year-old rapper spoke to youngsters in South London about the value of saving and investing.

The government has announced plans to offer “green loans” to homeowners in order to help them make their homes more energy efficient.

Homeowners can use the loans to purchase solar panels or other new technologies which generate electricity and the spread the initial costs over a number of years. Alternatively homeowners can also use the money to kit their homes out with better insulation which will cut their energy bills in the long term.

UK debit and credit cardholders can now spend up to £15 without having to queue at a till, offer signature or enter their pin number.

Credit card giants MasterCard and Barclaycard requested the limit for contactless cards to be raised to £15, up from £10, and the change was approved by banks and other credit card providers.