Debt consolidation is the foremost reason why British consumers take out a loan, one expert has made clear. A total of more than 40 per cent of people opting to borrow money do so in an effort to reduce their…
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Despite worsening debt management problems faced by millions of UK consumers, one MP has claimed that the country’s personal borrowing levels are affordable. John McFall, Labour chair of the House of Commons Treasury select committee, insists that the dramatic increase…
The need for financial understanding has “never been higher”, according to the Open University. Announcing the third run of its financial education course, the university has said that the knowledge dispensed to those who attend can “better equip” people to…
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Despite a fall in mortgage lending in August, figures are still at “very high levels”, according to the Council of Mortgage Lenders (CML). Gross mortgage lending for August stood at £32.2 billion in total, a six per cent fall on…
The Association of British Credit Unions (Abcul) has welcomed the government’s proposed actions against illegal lenders. Mark Lyonette, chief executive of credit unions representative Abcul, has called the announcement made earlier in the week by John Hutton “fantastic news”. The…
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Liberal Democrat Treasury spokesman Vince Cable has declared that credit unions play a “crucial role” in helping financially excluded borrowers. Addressing an event hosted by the Association of British Credit Unions, Mr Cable suggested that sub-prime borrowers, such as those…
Buying a new house and taking on the debt that such a process includes is more daunting than marriage, divorce, or starting a new business for Britain’s 18 to 24-year-olds, according to the latest research. The AA has revealed that…
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Credit card debt and unsecured lending both fell in August 2007 while mortgage lending rose, according to the latest figures from the British Bankers’ Association (BBA). The BBA said that net mortgage lending rose by an underlying £6.1 billion during…
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