Debt: cost of running a household rises to £459 per week

1 December 2008

The Family Spending Survey shows that the weekly cost of running a household for the average family rose from £406.20 to £459.20 – 13% – in just five years.

The survey, which has been published annually since 1957, gives an insight into the finances of the average UK household by analysing living costs in detail.

However, these figures relate to 2007 – and therefore do not account for the rapid rise in food and fuel prices that have caused so many financial worries this year, pushing many people towards debt.

A debt expert for Think Money commented: “£459 per week – almost £2,000 per month – is by no means a small amount. Even so, it’s important to look at the bigger picture: a 13% rise in five years is around 2.5% per year, which is not much higher than the Government’s current inflation target of 2%.

“However, this year’s rise in the costs of living has been much higher than usual, and that is putting real pressure on British households, pushing many people into debt.

“It’s essential that anyone struggling with debt seeks expert debt advice as soon as possible. In times like this, the right advice or debt solution could make all the difference.”

---

Think Money offer a range of debt solutions, including debt management, debt consolidation loans and IVAs (Individual Voluntary Arrangements). If you are worried about your debt, contact one of our expert debt advisers today.

Tags: debts, debt, inflation

Fees payable when continuing service is provided. Repaying debt over a longer period may increase the total amount to be repaid. Calls are recorded and are usually free from UK landlines. Mobile phone users may be charged and should check with their service provider.