Are more people turning to doorstep lenders?

Over recent months credit conditions in the UK have become tighter and tighter, and this has all stemmed from the global credit crunch, which took a hold in the UK last summer and has been wreaking havoc in the financial markets ever since. With so many people now unable to get finance as easily as they could before it is little surprise that so many have turned to alternatives such as payday loans and doorstep lenders, and the increasing number of people turning to lenders such as these has been reflected in the rise in business that some of these lenders have enjoyed. [Read more]

Biggest debts now amongst middle classes

According to a recent report the biggest debts in the country are now held by middle class households, with the average middle class household owing around £50,000. The results of a recent study showed that many of those living in middle class areas such as London and the South East have borrowed four times as much money than those living in parts of the North West and Scotland. The study was carried out by the credit referencing agency, Experian. [Read more]

Insolvency figures drop whilst DMPs rise

At the end of last year and the start of this year there was a great deal of speculation over how consumers would manage their debt problems given the effects of the global credit crunch, the increase in living costs and bills, and higher mortgage costs, coupled with reduced availability to finance. It was predicted by many industry officials that insolvency levels would continue to rise over the course of this year, as more and more people walked away from their debts because they could no longer cope with their repayments. [Read more]

Repossession levels have rocketed in the UK

Since interest rates started going up in the UK between August 2006 and July 2007 there have been grave concerns in relation to the millions of people who were on cheap fixed rate mortgages and were due to come off them, as they would be left to try and manage rocketing repayments with interest rates so much higher than when they took out their fixed rate mortgage. Thankfully, some enjoyed a little saving grace through the fact that between December 2007 and April of this year interest rates fell three times, although they were still higher than when many of these homeowners took out their cheap fixed rate deals. [Read more]

How To Safeguard Your Money

Facing one of the most difficult economic scenarios in years, America has been in a slump that many financial experts are predicting will last the rest of 2008 and perhaps well into the year thereafter. The original problem started with the mortgage crisis, leading to thousands of foreclosures throughout the country and many people with home ownership, then it was confounded by the credit dilemma which has just as many US citizens struggling to make ends meet amidst growing collective debt. [Read more]