Bills for British homes have soared by over 40 per cent in the last five years according to Bacs Family Finance Tracker; the company that manages direct debit payments in the United Kingdom.
The company conducted research that looked at the financial affairs of over 4,000 British households. Their results suggest that annual bills on average are in excess over £12,000 per year between essential bills and some lifestyle expenses.
Essential bills were on average £5,834 per year in 2007 and the average now is £8,202 which is a jump of well over £2,000 per year extra for households to find. This is in a time when rages haven’t been rising in line with inflation due to the recession.
The average annual cost of lifestyle services such as mobile telephone bills, gym or fitness memberships and loan repayments has also risen from £3,380 to £4,146 over the same period. Continue reading