Recently released figures have shown that an increased number of people could be facing bankruptcy, with a rise in the number of people facing bankruptcy having already risen in the third quarter of the year. The figures show that there was a 7 percent increase in the number of people facing bankruptcy during the third quarter of the year, reflecting the effect of the global financial crisis on many household struggling to keep up with their financial obligations. Read the rest of this entry

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 the rest of this entry

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 the rest of this entry

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 the rest of this entry

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 the rest of this entry

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 the rest of this entry

In today’s financial markets, consumer debt is mounting at a staggering rate. This is leaving many reeling with desperation and the accumulation of more and more bills. With mortgage payments, car notes, unexpected emergencies, and just the simple day to day living expenses, consumers are finding that what they make can not cover what they owe.

This imbalance leads to debt and that debt can lead to a whole slew of unwanted results. In an effort to restore balance, many consumers are looking for solutions anywhere they find and often times, what they find is not the right or even smartest solution available. Read the rest of this entry

According to a recent report there has been an unexpected fall in insolvency figures in the second quarter of this year, with officials stating that consumers appear to be getting far more cautious over their spending and borrowing in light of the global credit crunch and the current difficult financial conditions and rising costs that most are experiencing. The first quarter of this year saw a rise in insolvency levels for the first time in years, and this was a trend that many thought would continue. Read the rest of this entry

A recent report has shown how many Brits will retire whilst still owing a fair amount of money, and the data suggested that collectively Brits could retire with collective debts of around £66 billion. For the many that hoped their retirement would involve relaxing, seeing the world, spending time with loved ones, and not worrying about work or money this news comes as a blow, and reflects a worrying trend amongst those that are nearing retirement age. Read the rest of this entry

Over the past week or two the Prime Minister, Gordon Brown, has been urging consumers to stop wasting money on food that they do not need, stating that millions of households are wasting a huge amount of food each week by buying things that they do not need and then disposing of them. According to a recent report the average household in the UK throws away around £8 worth of food every week, and according to Gordon Brown the tonnes of food that is being binned by consumers is adding to the rising inflation on food products. Read the rest of this entry