Friday 21st of January 2011
Families already under severe financial strain could find the effect of inflation forces them to chase individual voluntary arrangement answers.
Founder of Moneymagpie.com Jasmine Birtles has warned the rises will hit households particularly hard and advised people are going to have to start re-examining their monetary situation.
The financial and business commentator noted families need to try and reduce their expenditure on everyday necessities such as transport and food.
She observed those residing in major cities should consider getting rid of their motor - especially with fuel prices on the up.
"If you live in the country and have to have a car then go for a lower grade one, a greener one or smaller one that doesn't use so much petrol", Ms Birtles added.
Her comments come after the Consumer Price Index recently showed annual inflation in Britain was up 3.3 per cent from November to December last year, when it scaled to 3.7 per cent.
By Hayley Jones
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- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
- Low interest rate 'contributing to debt management efforts'
- Debt management growing in importance, survey finds
- Individuals 'failing to meet debt repayments'
