Equifax UK advises financial planning as energy price cap rises

The Ofgem energy price cap increased by 4% on October 1st, bringing the average household cost to £1,723. Although the government implemented a 0% VAT rate on electricity for the winter, rising global wholesale energy costs have offset these savings, resulting in an estimated annual increase of £60 for a typical household.

In response to rising utility costs, Equifax UK is advising consumers to identify and eliminate ‘wallet leaks’ to protect their budgets. Financial health expert Craig Tebbutt suggests that addressing issues such as forgotten subscriptions and high-interest debt can help prevent consumers from falling into overdrafts or missing bill payments, which could negatively impact credit reports.