One in four of the British population is living in fear of bills, according to the latest research.
Nobody likes having bills arrive on their doorstep but most of us find a way to deal with it. However, for many more it is a terrifying and stressful experience.
A quarter of UK adults admit to getting stressed before opening their bills, a study from a price comparison website has revealed.
A shocking 1 in 5 confessed to delaying opening and paying bills, as they are too afraid to face them. The money-grabbing monster that lurks inside an envelope is one that Brits just canít seem to handle.
Households are facing one of the toughest winters yet as the cost of bills continue to soar and almost 13 million homes across the UK are now getting stressed or worried whenever they receive a bill.
The research found that the rising cost of bills such as utility bills, credit cards, store cards and other repayments has led to a consumer crisis as people develop a real ëphobia.í
54% of people in fear of the dreaded bill said the biggest factor was the fact that the cost of bills keeps increasing at rates which are not matched by their salary.
Nearly a third of Brits are in a state of panic as they have more money going out of their current account than they have coming in every month. With inflation at 4.5% and experts suggesting it may increase to 5% before the end of the year, households are stretched to the limit.
The leading six energy suppliers in the UK recently introduced price hikes of up to 20% for gas and electricity bills, adding an average of £200 to the annual dual fuel bill.
This has had a dramatic impact on household bills and a significant influence on the recently increased inflation rate. Now is the time more than ever to shop around for a better deal in order to reduce the cost of your bills.
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Its not just energy prices that have increased recently as water rates are set to reach new highs this weekend. Companies will take over maintenance of private sewers as of 1st October and this will affect around half of all properties in England and Wales.
The cost of food has also risen dramatically over the last year and a report by the UK supermarket Asda revealed how families are now £728 worse off a year, having £14 less to spend a week than they did in August 2010.