FSA issues consumer debt warning
In its latest Financial Risk Outlook, the watchdog said the level of debt in relation to income is at a record high and is twice as much as it was in the 1980s. The report stated that there is a…
Attitudes towards debt ‘careless and reckless’
The FSA told the Daily Mail that people’s “live for today” approach is having a negative effect on their personal finances, which could prove disastrous if the UK economy takes a downturn. According to the watchdog, a million adults are…
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UK works 31 days ‘to clear interest’
According to financial advice website Unbiased, the UK has to work the whole month of January to earn enough just to service the interest on its personal debts. Research shows that in order to clear the average interest amount of…
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Stretched householders ‘at risk of repossession’
The charity has said it is concerned about the number households that are struggling to pay their mortgage, putting them at risk of property repossession. National debt policy officer Peter Tutton said that housing debt is one of the fastest…
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Repossessions accelerated last year, says CML
The research shows that the number of repossessions rose from 8,140 in the first half of 2006 to 8,860 in the second half. Totalling 17,000 in the year as a whole, repossessions were 65 per cent higher in 2006 than…
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More debts for Brits as credit card bills are missed
According to MoneyExpert, 332,000 credit card bills are likely to remain unpaid in January, despite the fact that the average charge for a missed credit card bill is £12. Research also shows that ten per cent of Brits admit to…
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Credit card decline ‘may not be the full story’
According to CardGuide, borrowers are still spending large amounts of money but are taking out personal loans or overdrafts rather than relying on credit cards. Furthermore, some people have only reduced credit card spending so that they can divert their…
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Southerners ‘have greater debts’
Before applying for an individual voluntary arrangement (IVA), people in the north of England have average unsecured debts of £31,000, whereas those in the south have almost £45,000, according to research from Debtmatters. The report from the company also reveals…