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More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

Good news for people with energy debts

04/02/2010

The owner of British Gas, Centrica, has confirmed that its customers can expect an average reduction of 7% on their gas bills, saving the `typical household` £55 per year.

As The Times reports, almost eight million families will benefit from this immediate price cut.

The news will be welcomed by billpayers across the country, especially the many who are currently in debt to their energy providers. A recent open letter from Ofgem (The Office of Gas and Electricity Markets) revealed that there were 105% more electricity customers entering a new debt repayment arrangement in the third quarter of 2009 - compared with the third quarter of 2008 - and 149% more gas customers.

The letter noted that this `could be reflective of an increase in the number of customers entering debt for the first time due to the recession`.

In addition, the average level of debt in Q3 2009 was a full 20% higher than it had been a year before - and the number of gas customers carrying a debt of over £600 in Q3 had increased by 18% in just one quarter.

"At British Gas, we know household budgets are stretched, and that our customers are concerned about the effect the recent cold weather will have on their winter fuel bills," said Phil Bentley, Managing Director of British Gas.

"I`m pleased we`re able to offer our customers some extra help with this gas price cut - and that we`re able to do this while it`s still winter, allowing our customers to really feel the benefit."

As The Times points out, this is the first price reduction of its kind by one of the `big six` suppliers since 2007 and `could open the floodgates to reductions from rivals E.ON, EDF, Scottish Power, Scottish and Southern Energy and RWE npower`.

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More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according