Cheap electricity supplier could help 'borrowing-obsessed' Brits

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With the UK's debt situation arguably spiralling out of control, finding a cheap electricity supplier may be one way to reduce monthly outgoings and repay more borrowed cash.

New figures from unbiased.co.uk, a financial advice portal, reveal typical British debtors are paying back about seven pence of every pound they owe and saving considerably less.

Indeed, the total amount saved in the UK from the first through to the second quarter of 2010 was down by about £7 billion.

Jo Parsley, advocacy and media officer at Credit Action, suggests a nation of "out-of-control borrowers" is not good for anyone, adding: "Whether consumers are in debt or not, they still need to spend, but the key is to do so within their means."

But by finding a cheap electricity supplier, many may find they are soon spending less on their home energy bills, freeing up more money to put towards paying off debts.

Posted by Anne Yevel

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