Figures On Childcare Costs Are Released

Childcare costs are rising

Daycare Trust has published a report on the typical childcare costs for 2010. The findings show that:

  • Average costs for 25 hours a week of childcare costs £88 in England, which is 50% more than the average part time earnings of £153 per week
  • Parents in London can pay up to £11,050 per year for 25 hours of childcare per week, the highest cost in England
  • Average yearly expenditure on childcare for parents in England is over £200 more per year than for those parents in Scotland and Wales for 25 hours of nursery care per week for a child under the age of 2
  • All types of childcare has risen as a result of inflation
  • The cost of a nursery place for children aged 2 and above has risen by 5.1% in England, nearly double inflation
  • Over half of Family Information Services across Britain has revealed a lack of childcare
  • 50% of local authorities in Britain have reported a lack of sufficient childcare for older children and disabled children
  • A local authority-run summer play scheme typically costs £82.60 for one child per week in England. Whereas in Wales, a similar scheme would cost £58.89 and £104.28 in Scotland
  • Private, voluntary and independent-run schemes usually cost around £104.55 per week in England, £101.60 in Wales and £96.47 in Scotland

Payplan

If you’re struggling to pay your bills and are behind with debts due to increased living costs, then contact Payplan for free debt advice online or telephone 0800 280 2816.

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Further Costs Of Living Rising

This time it’s the cost of healthy living

Although food generally only accounts for 12% of household spending, the increase in the price of vegetables and mineral water is going to put a strain on living healthily on a budget. This is in stark contrast from the market a year ago when vegetables were dropping in price.

The Office for National Statistics said:

The month-on month rise of 1% in food and non-alcoholic drink prices was a record rise for June to July.

With both essential costs of living rising and the UK economy set to grow gradually in the next two years, consumers may have trouble paying for their essentials.

Payplan

If you are worried about your finances contact Payplan today on 0800 280 2816, for free and helpful debt advice.

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Petrol Price Set To Increase

Petrol prices will reach £1.26 a litre by 2011

Presently, it costs £7 more to fill up the tank of an average car than it did a year ago. This is yet another petrol price increase which will hit consumers, after the recent announcement that bread and gas prices will also increase.

The Retail Motor Industry (RMI) has released figures that show a staggering increase in petrol prices. Prices are set to rise by 4p by the end of the month and it is estimated that by the New Year petrol prices could be as high as £125.9 per litre.

This petrol price enlargement is due to the steady increase of crude oil prices.

This price of petrol increase is adding fear to the other key living costs that are also set to rise. It is expected that the cost of a loaf of bread will increase by 10p after Russia put a ban on all grain exports. In addition, the energy market is also expected to put up gas prices which will affect households nationally.

Payplan

If you’re struggling to pay your bills and are behind with debts due to increased living costs, then contact Payplan for debt advice online or telephone 0800 280 2816.

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Holiday debts soaring in the UK

Holiday debt has become an increased problem

The Association of Business Recovery Professionals (R3) has released new figures which state that holidaymakers will take seven months to pay back the average sum of over £1000 they borrowed to pay for their holiday.

The research looked at how the economic recession has affected holidaymakers’ habits. It found that:

  • Those holidaying from Scotland are most likely to borrow to pay for their holiday
  • 10% of people from London said that the cost of their holiday would be paid for by borrowing
  • Those from the North West, Yorkshire and the West Midlands are least likely to borrow to pay for their holiday

The research also illustrated a generational split, with holidaymakers between the ages of 16 and 24 being the most likely to borrow and those over 65, the least likely to borrow.

R3 Vice President, Frances Coulson, remarked:

That people are prepared to take on a substantial amount of debt for such a long period of time in order to afford a holiday is worrying, especially as these are still economically uncertain times. Personal insolvency hit record levels in the first quarter of this year and looks set to rise – so we’re urging people not to spend more than they earn.

Payplan

Payplan offer debt advice on a range of issues. You can contact Payplan online or call 0800 280 2816 for free advice and support to help manage your debts.

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