Friday 24th of December 2010
The increasing cost of petrol could result in those already struggling to keep on top of their debts seeking individual voluntary arrangement (IVA) answers to help them cope.
According to the AA, petrol and diesel fuel prices are at a record high - with petrol now costing on average 15.32p and diesel 17.79p per litre more than at the same time 12 months ago.
Moreover, the new year will see the costs jump a further 3.5p following the January 4th increases in both fuel duty and VAT.
Director of AA Financial Services Mark Huggins said the AA's figures "show that the cost of fuel has risen by more than 15p per litre over the past year, adding over £32.50 to the monthly petrol bill of a two-car family".
It comes after the Confederation of British Industry predicted the Bank of England will raise the base rate to 2.75 per cent by the end of 2012 - which could see more people posing IVA questions.
By Chris King
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- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
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- Debt management growing in importance, survey finds
- Fourth major energy supplier announces price hikes
