Nick Lord, head of money advice at the charity, has said he is worried by the number of households unable to make mortgage payments. According to the Department for Constitutional Affairs, there was a 22 per cent rise in repossession…
Continue reading the "Homeowners ‘reaching the limit’ over mortgages" »
The bank said that there will be a post-Christmas rise in number of debt consolidationloans taken out by consumers, while the number of people transferring balances between credit cards is also expected to grow. According to the bank, about half…
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Of this figure, 10,000 will go bankrupt or agree to Individual Voluntary Arrangements (IVAs) as a result of excessive spending at Christmas, according to Grant Thornton. After interest rate hikes, rising unemployment and costly energy bills last year, excessive festive…
Continue reading the "Thousands to become insolvent by March" »
Consolidating debts with a cheap loan is a good way of reducing monthly payments and improving credit ratings, according to the price comparison site. And taking out a loan can also help to finalise borrowings quickly because payments are fixed…
Continue reading the "Unsecured loan ‘could help clear debts’" »
The pressure to spend excessive amounts of money during Christmas and new year means that people are much more likely to face hardship at the start of 2007, according to Chris Tapp, from money education charity Credit Action. “The financial…
Continue reading the "Debt charity warns of “fire fighting” in January" »
The BBA also revealed that underlying net lending on credit cards grew by £0.1 billion, compared with a £0.3 billion decline in October. This is the first time in many months that BBA figures have not shown personal loan and…
Continue reading the "BBA: Unsecured borrowing very subdued" »
Steve Gracey, from Alliance & Leicester, said that many people are choosing an IVA as an alternative to bankruptcy, but he urges consumers to be “sensible” about this. “Statistics show that more people are taking out IVAsand more people are…
Continue reading the "Those in debt urged by bank to get advice" »
Moira Haynes, spokeswoman for the CAB, said that consolidating debt can work for some people, but it is important that people get quality debt advice before doing so. “We would advise people who are thinking about consolidating their debts to…
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