USwitch Reports Further Utility Bill Rises For Homeowners

Regardless of Britain's six largest power suppliers growing the cost of their tariffs only a couple of months ago, customers could be set to find themselves coming under additional financial pressures, it has been suggested.

Pointing towards Centrica's recently-released interim management statement, uSwitch claimed that two additional rounds of price increases could be set to take location more than the coming months. In its report Centrica pointed out wholesale gas and power expenses have been increasing due to a shortfall in imports from continental Europe and rising demand from nations in Asia for liquefied natural gas. Record oil costs in Britain had been also shown to have played a dominate role in the future of power costs. As such, it asserted that month-ahead costs for power and gas currently stand at one hundred and 92 per cent above respectively figures recorded during the exact same period of time in 2007.

Following on from increasing utility bill costs, it might be feasible that Britons find themselves coming under much more pressure when managing other constraints on their finances in locations such as credit and store cards, personal loans and mortgage repayments.

Regardless of the typical power bill already growing by 15 per cent - or 136 pounds - so far this year, the cost comparison site stated that a additional rise of ten per cent (105 pounds) could be introduced by the finish of the summer. Meanwhile, a price hike of 15 per cent was reported to be likely to take place in the early stages of next year.

Tim Wolfenden, head of home services for uSwitch, stated: "If Centrica - the parent of British Gas, Britain's biggest supplier - is feeling such acute pressure more than pricing then it's safe to say that others are feeling it too. Suppliers have been holding firm, but the cracks are beginning to show. It's pretty clear that some thing has to give and that household energy costs are going to be shooting up once more this year.

"Suppliers usually give consumers breathing space by introducing a couple of smaller sized price increases rather than hitting households in one fell swoop. The pressure they are below should not be enough to change this pattern, but it could be sufficient to force their hand sooner."

If such increases take location Mr Wolfenden stated that the typical power bill could rise to stand at 1,327 pounds. Such a figure, he reported, will outcome in utility costs surging by 46 per cent more than the course of this year. He went on to assert that in a period of energy bills becoming evermore costly, those individuals struggling with their money management could be set to look towards a fixed-rate deal due to the security which they offer.

For these consumers who are concerned about how they will organise their finances with the prospect of increasing energy bills, taking out a debt consolidation loan may be suggested. By choosing this kind of loan, borrowers may find that they are in a position to merge many constraints on their spending into a single low-price month-to-month repayment.

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