Britons ‘unable to cope’ if bills rise

A new survey has shown that over two-thirds of household wealth is taken up with essential bills.

The study by insurer Bright Grey found that 68 per cent of income is going on costs such as food, transport, mortgages and council tax.

Of those polled, 25 per cent said they were already struggling to meet these bills, 11 per cent claimed they could not afford to pay any more and 39 per cent stated that a £50 monthly rise in bills would be unmanageable.

Many people could find the situation being made worse by paying too much on their credit cards, something that may be helped by switching to a lower rate.

The recovery in the levels of household wealth after the recession will be a slow and gradual one, debt charity Credit Action has predicted.

It forecasted that continued rises in unemployment even after the economy starts growing again will be one reason for this being the case.

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