Household Debt Soars As Energy Bills Rise
The energy switching service uSwitch has found that the UK’s average household energy debts have risen by a massive 24% over the past year. Around 3m households owe a total of £400m to their energy supplier, this is despite the summer heatwave and warmer than usual autumn.
This year, 32 energy suppliers have announced 55 separate prince increases; according to uSwitch this has added £900m to household energy bills!
Rik Smith, energy expert at uSwitch, said that suppliers’ costs had risen “significantly and sharply this year”, resulting in 2018 being “an unprecedented year of price increases” for consumers, many of whom will have seen their supplier raise prices more than once.
“Households across the country, whether in credit or debt, should check whether they could pay less for their gas and electricity,” he said. “In just 10 minutes, people could reduce their energy bills by up to £482 a year — much more than the government’s planned energy price cap can deliver.”