An Association of Investment Trust Companies (AITC) study has shown that students expect to graduate with £6,199 of debt while parents estimate £7,080, but the real figure is £13,500. Annabel Brodie-Smith, communications director at the AITC, commented: “It’s concerning that…
As official figures show that UK household expenditure on education fees has increased by 50 per cent since 1999, many parents are taking a loan to cover the costs. “Around 620,000 children are now privately educated in schools, which are…
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There were 26,000 personal insolvencies between April and June this year, compared to just 15,600 last year, as more people struggle with debt, but Mr King said it was not a major economic problem yet. “Debts would only become a…
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Governor Mervyn King warned that the recent rise to 4.75 per cent may not be the only one as inflation begins to approach three per cent. Mr King said that “overall the central view described in this inflation report is…
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Stephen Lea, professor of economic psychology at Exeter University, said consumers were “pretty cheery” about getting into arrears for products such as cars and holidays. He told BBC Radio 4’s Today programme that this was almost inevitable: “Students in effect…
On average the over 50s saved £550 between April and June, while 20-somethings experienced a 13 per cent drop in savings over the same period, Birmingham Midshires said. “It is reassuring to see that those in midlife are saving toward…
Figures from the Council of Mortgage Lenders (CML) show that in June the average first-time buyer borrowed 3.21 times their income to get a mortgage, up from 3.06 times a year before. Yet the amount of debt first-time buyers are…
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Chief among the tips was to not ignore the debt but to prioritise repayments and take advice from professionals rather than taking out another loan to service existing monies. Teresa Perchard, director of policy for Citizens Advice commented: “We would…
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