Fluctuating petrol prices are driving some UK motorists into the hands of lenders, as people struggle to meet household bills as well as fuel costs. That’s the finding of a UK breakdown firm, which queried 23,000 members about their financial situation in relation to petrol costs.
18 per cent of respondents said they had gone into debt in order to keep driving. Budgets have been strained by rising petrol pump prices, along with general cost-of-living rises; many drivers must now find an additional £5 in order to fill up their tank.
The crisis in Syria could make things even more challenging, as any problems in the petrol supply from the Middle East are sure to drive prices up further.
One per cent of those polled said they had resorted to pay day loans in order to bridge the gap in their finances over the last 18 months. Most of these were people aged 18-24 or 35-44.
A further one per cent had obtained a bank loan, while 10 per cent of drivers required an overdraft in order to meet their bills.
Pawning possessions was necessary for one per cent of those polled, while 13 per cent were compelled to access personal savings.
Nearly a quarter of under 24s required an overdraft or used savings, while 16 per cent of this demographic were forced to borrow from relatives or friends.
Last week saw petrol consumption plummet after a petrol pump rise, reducing usage to winter levels.
Those on lower pay scales are thought to be the worst affected by the continued fuel cost rises.
Rising fuel costs come on the back of other costs such as insurance, maintenance and of course reliable vehicle recovery insurance.
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