For people living in London their debt management problems look set to be pushed even further to the limit, after bus and tube fares are to be increased.
London Mayor Boris Johnson announced the price increases in an effort to plug the multimillion pound deficit in transport funding within London.
Added to this was the news that the congestion zone in the capital will also face a further £2 price hike.
From January 2010 bus fares around London are set to rise by an average of 12.7%, with the underground also raising prices by around 3.9% on average.
This, at a time when Londoner’s finances are already overstretched, will only place further pressure on the debt management problems of those most vulnerable and could force many more people living in the capital to seek debt advice.
Mayor Johnson said he was asking Londoners to: “accept this difficult decision in order that the investment in London’s future was safeguarded.
He said: “Nobody wants to make an announcement like this, especially when Londoners are feeling the effects of the recession.”
Ivan Cooper, Chairman at debt advice specialists Chiltern, said: “These increases will place an enormous strain on households that are dependent on the public transport system in the capital – especially those who are already struggling with their debts.
“This could mean that more people find they need to speak to reputable and impartial debt advisers, like Chiltern, to find a suitable way to get out of debt.”
