Policy Exchange claims that twentysomethings are suffering from student debt, rising house prices, a pensions crisis and soaring house prices. “The pensions crisis, the housing boom and the cycle of inflation and disinflation have shifted power and wealth to the…
Continue reading the "Debt ahead for ‘Thatcher’s children’" »
According to Datamonitor, consumers had a total credit card debt of £470 billion last year and this will reach £639 billion by 2010. “Consumers continue to grow more comfortable using cards for both day-to-day transacting and borrowing,” said Kieran Hines,…
According to the report in the Financial Times, the FSA is to pay “special attention” to banks and brokers lending to sub-prime borrowers. Nigel Terrington, chief executive of Paragon Mortgages, explained to the FT that “investment banks and investors are…
In a move that has been welcomed by the industry, the FSA initiative should ensure that consumers end up with better information and care to help keep them out of debt. “Anything that makes things clearer for the customer and…
With consumers considering launching action against PPI they believe was mis-sold on their loan, “ambulance chasers” targeting people looking for redress could emerge and take large amounts of money from claims, an expert has warned. “PPI has been long talked…
Speaking in an interview, trade and industry minister Jim Fitzpatrick said that easy lending had “stoked the flames” of bad debt. “If we’ve got a rise in indebtedness, if we’ve got a rise in people having difficulty in servicing that…
Continue reading the "Minister: Banks to blame for bad debt" »
Beccy Boden-Wilks, spokeswoman for the National Debtline, said that as debt becomes normalised with students, that does not mean that it should breed complacency. “It is important that young people don’t develop a complacency about [debt] where they accept it…
In its report, the commission said that competition was stifled at the expense of customers, with unclear charges and restrictions, adding to the likelihood of consumers getting into debt. “A lack of clarity on charges and unduly complex charging structures…
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