Bills Are Squeezing Families So Hard Something Will Have To Give

In this year alone fuel prices have increased by a whopping 15.9%. The bills are coming in through families’ letterboxes throughout the country and they have rocketed up to an eye watering £54 over the last six months.

Many people are worried that the increasing cost of living will force many families into debt. Families have already been cutting back on expenses such as holidays, luxury items and dining out but things become really difficult when basic living costs spiral.

This recent attack on family finances is two pronged. While the cost of living goes up, taxes have also risen. VAT and National Insurance have increased and changes are being made to the benefits system.

The next worry just over the horizon is that the Bank of England will raise interest rates. This would cause serious problems for many families as their mortgage payments would increase.

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