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Energy firms `not refunding overpayments automatically` Average household £7 a week richer but debt levels remain high Consumers `cutting back on credit card debt` Mortgage debt often greater than house value Household energy bills `could top £4,700 a year by 2020` Many over 50s `facing financial difficulties` CML lowers repossession prediction Higher electricity prices will pay for carbon capture Unemployment set to rise Inflation speculation `greatly exaggerated` Unemployment reaches 12-year high UK recovery `to start in 2010` People `may be risking finances due to lack of pension savings` Economy `may be bottoming out` Fuel poverty still putting billpayers at risk of debt More than 20% using savings to `pay down` debt Housing market - buyer interest is up ISA rate cuts could raise debt risk Online retail sales to grow Consumers take up gardening to avoid debt

Gas price cuts expected

07/01/2009

Energy company Scottish Power has announced the launch of a cheaper gas tariff, raising hopes that other energy providers may follow suit.

The company is relaunching one of its fixed-price gas tariffs, reducing the price by 10%.

The price cut will be welcomed by billpayers, many of whom have been pushed towards debt by large price rises in 2008.

However, the price cut is still relatively small compared with last year’s price rises. The rise in gas prices amongst the major energy providers since Summer 2008 ranged from 22% to 35%, according to the BBC.

A spokesperson for Debt Advisers Direct commented: “Billpayers have been waiting some time for cuts to their energy bills, since wholesale energy costs began to fall months ago.

“However, the price cuts might not be enough to help those already struggling with debt. As always, we advise anyone worried about debt to seek expert debt advice as soon as possible.”

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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