Over a million monthly bills unpaid as interest rates rise

03 July 2007
Britons are missing more than a million regular bill payments every month as Bank of England rate rises squeeze expendable income, MoneyExpert.com has revealed.

Gas, electricity and mobile phone bills have gone neglected with 1.23 bills left unpaid monthly over the last six months, in the aftermath of four subsequent quarter-point base rate rises.

That means 7.4 million payments were missed in the last six months, with customers most often defaulting on council tax bill payments.

Consumers should not skip bill payments lightly, warned MoneyExpert.com's chief executive Sean Gardner, since a record of non-payment can lead to a black mark on their credit rating which would limit lenders' willingness to dispense loans.

"Missing bills can lead to serious consequences from losing the service to being taken to court," he warned.

Expert advice can help those in a tight financial corner work out how to better manage their money, to help them save, he advised, adding: "Missing bills and hoping for the best is not a strategy."

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