Debt management may help with rising cost of living

22/02/2010

The latest retail sales figures suggest that many people are still struggling to balance their finances in a fragile UK economy.

Released by the Office for National Statistics (ONS), the figures reveal that between December 2009 and January 2010, the UK saw the largest drop in sales since June 2008.

Total sales volume fell by 1.8 per cent across that time period, suggesting that the British economy is still far from recovery.

Experts have suggested that the decrease can be attributed to the bad weather and the rise in VAT.

But it is also possible that people simply have less money to spend.

Debt management could help some people to pay off their creditors with sensible allowances for housekeeping and other essential expenditure items purchased on the high street.

The figures from the ONS included fuel prices for the first time. Sales in this sector were found to have fallen by 11.1 per cent suggesting that many consumers are unable to keep up with the rising fuel prices as the average cost of litre of petrol now sits at £1.12, according to the AA.

Posted by Fiona Smith

Tags; Current UK Economy,

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