News - Consumers ’struggle to pay bills’
| Read source of it on the News - Consumers ’struggle to pay bills’ page More than one in four Britons say they will struggle to pay their car insurance finance bills over the next three months. The percentage of people claiming they are short of cash every month rose from 17% to 28% between July and September. Mortgage repayments and council tax bills were the two biggest burdens, according to a survey from insurer CPP. The group said that Britons were waking up to their financial compensation insurance nc worker as the economy slowed and recent interest rate hikes hit home. Weaker economy Last week, official figures showed that the UK economy had slowed. Gross domestic output (GDP) expanded by just 0.4% in the three months to September.
The figure represents the weakest pace of growth since the first quarter of last year. Over the past year, the Bank of England has raised interest rates five times to 4.75%, in a bid to keep a lid on inflation and cool the housing market. This has put pressure on household budgets, the survey found. “With the UK economy slowing down, it is even more important that consumers stay in control of their finances,” CPP spokeswoman Shirley Woolham said.
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