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Students working more to combat debt

It has been claimed in a recent report that students in the UK are increasing the amount of time they are spending in paid employment in a bid to try and combat their rising debts. More and more students are spending an increasing amount of time carrying out paid work so that they can counteract ...

Increasing credit card defaults making recession worse

It has been claimed that the recession in the UK is being made worse by the rising level of credit card defaults that have been seen recently. According to reports families are being forced into a very difficult financial situation, with tens of thousands of families being affected by the high level of credit card ...

Drop in credit card delinquencies

It has been reported that there has been a drop in the level of credit card delinquencies in the US, despite the troubled economy and the financial crisis. This information has led to speculation over the trend being quickly seen in the UK, which could mean further evidence that the economy is improving and problems ...

Personal debt levels increase in February

According to recently released figures the level of personal debt in the UK increased for the month of February, with average household debt reaching almost £60,000. This shows an increase compared to the previous month. The figures were released by Credit Action and showed that the average household debt including mortgages showed a slight increase ...

Debt collectors struggle due to ex-directory increase

The number of people that are now going ex-directory in the UK has been soaring over recent years, with more and more people electing to keep their details out of the phone book and cut back on the number of calls that they receive from people that they do not know. This is happening more ...

Many could be in debt to tax man

It has been announced recently that once again HM Revenue & Customs is planning to send out letters to millions of people over the course of this summer in a similar operation to the controversial and embarrassing one that was carried out last year. In 2010 HMRC had to contact millions of people either to ...

Consumers get financial advice from friends and family

It has been reported that more and more consumers are now turning to friends and family in order to get advice about their finances rather than opting to go to a professional in the field. A study was carried out by insurance giant Aviva, which indicated that the majority of people felt more comfortable asking ...

Further pay cuts expected for coming year

The last year has undoubtedly been a challenging and difficult one for workers, who have faced pay freezes, reduced hours, and in some cases redundancy, with the recession taking its toll on industry and the economy. Whilst many may currently be trying to forget about the difficulties and challenges of the last year and enjoy ...

Brits need to focus on high interest debts

There are many people these days who use any spare cash that they have into savings in order to ensure that they have some money towards their future – which is something that would normally be highly commendable. However, many of these that are saving their spare money are also struggling with a range of ...

Government shows lack of understanding of mortgage market

The government has been accused of continuing to show a lack of understanding of the current mortgage market in the UK following outlines that were announced by the Chancellor of the Exchequer, Alistair Darling, in his recent pre-election budget speech. In the budget Darling announced a number of measures, including suspension of stamp duty for first ...

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 ...

Barclay's splits customer service for richer and poorer clients

High Street banking giant Barclay's has caused outrage recently by announcing that it is splitting its customers services depending on how well off the customer is. The bank has created what has been described as an 'apartheid' type system, where better off customers will be dealt with by staff at call centres based in Britain ...

Concerns over personal debt levels in Liverpool

There is no doubt that personal debt levels amongst many households and individuals have been soaring over recent years, and whilst many people have been trying to avoid increasing their debt because of the ongoing difficult financial climate there are many that have simply been unable to avoid this and have also been struggling with ...

Many paying huge amount of interest on credit card debt

Most people know that credit cards can attract very high interest rates, and this is why those that borrow on credit cards that are not interest free are always advised to pay off the balance as quickly as possible to avoid paying so much interest. However, there are still many people that are letting their ...

Set up a direct debit to avoid late payment fees

Late payment fees are fees that can be imposed on a wide range of debts and bill accounts by creditors and companies who have received a late payment or in some cases have not received a payment from you. In the current climate more and more people are at risk of missing payments or making ...

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 ...

Disposable income diminishes for those with debt

Following the last few years, which have proven to be extremely turbulent by way of finances, many people have struggled to make ends meet financially. However, a recent report has shown that many people are now in dire straits with their finances, as they have literally no disposable income left at all once they have ...

Many spending half their income on non-mortgage debt repayments

It has been reported that a huge number of Brits are spending almost half of their income on the repayment of non-mortgage debts each month. According to the recent report one in four Brits is currently spending around 40 percent of their monthly income on the repayment of debts other than their mortgages, which means ...

Everyone should be able to get free debt advice

Over the past few years more and more people have found themselves in a position where they are struggling to pay their debts and keep up with their financial commitments, and this has led to an increase in the number of people that are seeking advice about their debts. In fact, the demand for debt ...

Lottery grant could help charity to assist people in debt

A quarter of a million pound lottery grant is set to help a Wrexham debt advice charity to assist the growing number of people and households that are experiencing debt problems in the area. The three-year Shelter Cymru project was launched in the autumn and has been recruiting staff in the run up to its ...

Living cost increases results in more debt for Brits

According to a recent report a rising number of Brits are falling into increased debt as a result of trying to keep up with the soaring cost of living on wages that have been stagnant for several years in some cases. Many households are struggling to keep up with the soaring cost of living, and ...

Controversy over banks' tactics to help avoid mortgage arrears

There are many homeowners at present who are just about managing to keep on top of their mortgage repayments each month, with the financial relief coming as a result of the rock bottom base rate, which still stands at just 0.5 percent, where it has been for over two years. However, many of these homeowners ...

Keeping your body and your finances fit

For many people these days keeping fit is a very important part of their lives, and with all of the scare stories that we hear about the ill effects of being unfit, overweight, and generally inactive it is not surprising that so many people want to ensure that they get regular exercise and keep their ...

Limits on contactless credit cards to be increased

It has been reported that the transactions limits on the increasingly popular contactless credit cards that are hitting the UK are to be increased, which means that consumers using these cards will enjoy far greater flexibility and freedom with regards to the type and value of purchases that they can make on their cards. The ...

MPs want financial education to be introduced

Over recent years personal debt problems in the UK have become worse and worse, with the financial crisis and the recession only making matters worse. With the country in the state that it is in when it comes for personal finances and debt many MPs believe that it is time to take action to help ...

Demand for debt advice likely to increase

Anyone who has needed to see a debt advice professional over recent years will know how much more difficult this has become due to the soaring demand for these services from the many consumers who are struggling with their finances and finding it difficult to repay their debts. Many have had to wait for long ...

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 ...

Younger people in debt advised to seek help

Most people these days know what it feels like to be in at least some level of debt, and many people are now left coping with quite large levels of debt, which is proving difficult to cope with in the current climate. One leading debt charity has recently revealed that there are many younger and ...

Overstretched finances lead to debt for Midlanders

Over recent years many people from all around the UK have found themselves facing rising levels of personal debt as a result of the difficult financial climate, soaring bills and inflation, and in some cases a reduction in income. One recent report has shown that many people from the Midlands are now struggling with debt ...

Helpful Advice for Those Drowning in Debt

Did you know that March 25 was Debt Freedom Day? Chances are you missed it. This is the day that Unbiased.com figures that the average working person has now paid the interest on their debts for the year. Statistics of the amount of interest that UK wage earners pay on an annual basis takes up ...

Parents need to speak to their children about debt

Over the past few years the huge problems facing millions of households in the UK due to debt issues have become increasingly prevalent. The global financial crisis and recession has put the focus firmly on these debt problems, and with job losses and government cutbacks adding to the issues the various debt charities that are ...

Scotland takes on more debt than rest of UK

A recent report has revealed a worrying trend of taking on too much debt in Scotland, with Scottish consumers said to have taken on far more debt than other consumers in the UK. The data came from the quarterly personal debt report released by the insolvency trade group R3. The data showed that Scots have ...

Students face bleak debt ridden futures

As many people know from personal experience, being a student these days can be a costly affair, with many of those that are keen to get a further education to improve their job prospects having to put themselves in huge amounts of debt for the privilege. Whilst in years gone by students could justify getting ...

CCCS urges consumers to take action

The Consumer Credit Counselling Service has recently been offering tips and advice to consumers, and has urged those in debt to take action rather than burying their heads in the sand and trying to ignore their debt problems. Last year has been identified as having the overall highest number of personal insolvencies since records began ...

January debts causing problems for households

Many households are being adversely affected by January debts according to recent reports, and the problem has become so bad that they are struggling to pay their bills or even buy basic essentials. Many people have accumulated huge levels of debt over the Christmas and New Year period, which has left them struggling with their ...

Rising debt levels affecting households

Over the past few years more and more people across the UK have been experiencing issues with debt, with many finding it difficult to cope with their high levels of debt. It has now reported that unsecured household debt levels have been increasing, which could lead to further problems for families that are already struggling ...

Get your debts under control this year

Whilst most of us would love to be free of debt many of us have had little choice but to borrow money for various things other than our mortgages. Credit cards, loans, store cards, overdrafts, and catalogues have all become a part of life for most people, and many people get themselves into a spiralling ...

Debt and financial commitments leave tenants struggling

According to recent reports many tenants in the UK are struggling with their rental payments as a result of high debt levels and other financial commitments. The number of tenants that are defaulting on their rent payments is said to be increasing, and this comes from the latest research from the Association of Residential Lettings ...

Using the low base rate to clear your debts

Just a couple of years ago the crippling base interest rate in the UK meant that many homeowners were unable to keep on top of sky high mortgage repayments, and many others had to default on other unsecured debts in order to ensure that they could keep on top of their mortgage repayments and avoid ...

Many unable to save due to debt and cost of living

It has been revealed in a range of recent reports and recently released figures that many households across the UK are unable to save any money and are living off credit because of their financial situations, their debts, and the soaring cost of living, ...

Millions facing financial difficulties

A recent charity report that has been released has suggested that millions of households across the UK are in financial difficulties due to debts, rising living costs, and wage freezes or cuts whilst millions more are in danger of falling into similar financial problems. The report comes from the Consumer Credit Counselling Service and paints ...

Mortgage payers may need financial advice in near future

It has been suggested in a recent report that some homeowners that are making mortgage repayments may end up needing some form of financial advice and assistance in the near future as a result of possible increases in mortgage interest rates, which could send monthly mortgage repayments through the roof for those on variable rate ...

Bank charges won't be included in high cost credit report

A report is being put together detailing types of high cost credit but according to recent reports bank charges will not be included in this report. The report forms part of the Office of Fair Trading enquiry into costly credit, and will include things such as pay day loans, doorstep lenders, and pawnbroking, all of ...

Social care payment cards to be distributed in Cheshire

It has been announced that Cheshire East Council has launched a scheme that will enable vulnerable residents in the Macclesfield area to enjoy the independence and convenience of being able to use a payment card to pay for services. The social care payment cards will enable users to benefit from maintaining independence, so that they ...

Getting debt advice could get harder in Newtownabbey

For more and more people the ability to get free, sound debt advice has become increasingly important. This is due the financial difficulties that many people are facing, and the problems that they have when it comes to repayments of their debts. Over the past couple of years the number of people signing up for ...

Avoid getting into debt this Christmas

With Christmas just around the corner many people will now be thinking about how they will find the cost of the festive season in terms of paying for things like gifts, clothes, entertainment and food. For many, using savings is not an option, as they have not been able to save up money in preparation ...

Northern Ireland is debt hotspot

There are people in areas all around the UK that are in huge levels of personal debt and have had to opt for insolvency in order to keep their heads above water financially and afford to live. However, some areas are worse than others when it comes to personal debt and a recent report has ...

Interest rates left on hold again

It has been announced that the base interest rate is to remain on hold at its all time low of just 0.5 percent for the month of January. The announcement was made by the Bank of England following the January Monetary Policy Committee meeting earlier this week. The base rate has been at 0.5 percent ...

Getting debts sorted for the New Year

With only two months to go until Christmas, and just a little longer until the New Year, some people may already be thinking about their New Year’s resolutions for 2012. After a very difficult couple of years in terms of finances, one hugely popular resolution is likely to be relating to reducing outgoings and streamlining ...

Debt ridden parents raiding children's savings

A recent report has suggested that many parents in the UK who are bogged down with debt and struggling to make ends meet financially are now having to delve into the savings that they had put aside for their children's education in order to be able to afford bill payments and essential living costs. With the ...

Historic highs for insolvency levels

With the economy in the UK continuing to take a battering, and with many people continuing to struggle with their finances due to debt levels and job losses, it is little surprise that many people have found themselves having to look at insolvency as the only way to get themselves out of a financial mess. ...

Transferring Your Way to Debt Consolidation

Debt consolidation is difficult, it changes the way a person lives, instead of spending it is all about saving and paying things off. One of the ways to do this is to transfer your way to debt consolidation. This might sound strange, but it is something that is done every day and that can lower ...

20 percent of retirees still in debt

It has been revealed that around 20 percent of people that are set to retire this year still have mounds of debt to pay off, with the average amount that they owe coming in at a massive £30,000 each. The figures come from Prudential, which carried out research into how many people due to retire ...

Debt problems could be exacerbated through stagnating wages

Many people across the UK have seen their wages either frozen or even cut over the past couple of years, despite the fact that living costs and inflation have soared. These days, consumers have to make their wages go much further than they had to in the past and according to some officials this could ...

One third of people see personal debt increase

As most people know, the personal debt problem in the UK has become increasingly worse over recent year, and there are now many people that are experiencing great difficulties in terms of their finances as a result of rising debt and falling income. The soaring cost of living has added to the misery of the ...

Nearly a century to clear a £5000 debt with Barclaycard

A shocking recent report has shown how it could take consumers nearly a whole century to clear as little as £5000 worth of debt on their credit cards with Barclaycard. This means that some consumers would never be able to clear the debt in their lifetime, reflecting just how long credit card debt can linger ...

What are the options for consolidating credit card debt?

A number of recent reports have revealed that credit card debt in the UK has been rising, and on a per person basis the level of credit card debt in the UK is said to be over £5000 each. The credit crunch and the recession have both taken their toll on households across the UK ...

Many face debt due to government cutbacks

According to the data in a recent report there are many low income people in the UK who are suffering severe financial problems and debts due to the widespread cutbacks that have been put into place by the coalition government. It was claimed that many people are in so much financial trouble due to cutbacks ...

New measures in place for credit card users

New proposals have been brought in to try and provide greater protection and flexibility to credit card users in the UK, according to recent reports. The new measures form a combination of the proposals that were put forward by the government and proposals that were put forward by lenders. The government had put forward a ...

Scots have been tackling their debts over the past year

Whilst many of us these days are struggling with our personal debt levels, it seems as though people in Scotland are determined to take action to try and reduce their debts. Recent figures have shown that more people in Scotland are paying down their debts than in any other part of the country. Over the ...

More pensioners going bankrupt

Over the past few years the number of people that have become insolvent has rocketed as a result of the difficult financial climate, the banking crisis leading to reduced availability of finance, the recession, and the huge number of job losses. Many people have been unable to keep up with their financial commitments, and have ...

Credit card defaults exceed £1 billion

For many people credit card debt has become the bane of their lives over recent years. Many consumers are struggling with their finances to a degree where they are struggling to pay bills and keep up with basic financial commitments, and this has resulted to some people turning to their credit cards to fund everyday ...

People in their 30s and 40s face the highest level of financial pressure

For many people these days, the financial pressures are mounting up with a huge number of people struggling to keep on top of their finances and many finding it hard to keep up with payments on bills and rent or mortgage never mind additional debts such as loans, credit cards, overdrafts and other forms of ...

Debt firm warned over misleading on website

A debt advice firm that is operating in the UK has been issued with a stark warning from the UK watchdog, the Office of Fair Trading, which has told the firm to stop using misleading content and false statements in its marketing and advertising materials. The warning has been issued to Money Advice Direct Limited, ...

Government invests £27 million in face to face debt

The rising level of personal debt in the UK has become a huge problem over recent years, and over the past three years it has become an even greater concern, with the global credit crisis and the recession having caused chaos when it comes to consumer finances. Household budgets have been further affected by the ...