Citizens Advice states that the 0.25 per cent increase, which has surprised many analysts, might cause increased numbers of homeowners to fall behind with their mortgage repayments. Peter Tutton, policy officer at Citizens Advice, said that several hikes in a…
Continue reading the "Rate rise ‘could increase number of repossessions’" »
An increase to 5.25 per cent will mark the third rate rise in the last six months for mortgage lenders, says Liberal Democrat shadow chancellor Vince Cable. He adds that this “unexpected rise” will lead to further trouble for those…
Continue reading the "Lib Dems criticise government’s attitude to debt" »
Described as “one of the largest” programmes the financial watchdog has undertaken, the work will build on previous programmes conducted in 2005 and 2006. The investigation will include mystery shopping exercises in its aim to ensure sales of the product…
Continue reading the "FSA to investigate debt sales of debt insurance" »
Debts accrued through the festive financial binge are expected to range from £5,000 to £30,000, with 300 people forecast to visit the local Citizens Advice Bureau (CAB) by March. Employees at the CAB state that annual debt in the city…
Continue reading the "£2m cost of consumer debt in Carlisle" »
Data from The Debt Counsellors states that overall consumer debt in the UK is about £1.28 trillion, with the figure rapidly increasing. The organisation has consequently released a Debt Counselling Report, which aims to provide consumers with information on tackling…
Continue reading the "Debt grows ‘by £1m every four minutes’" »
The Consumer Credit Counselling Service (CCCS) said that people should examine their financial ingoings and outgoings then pay off store cards, which typically carry high rates of interest. “If people are worried about debt then we would advise them to…
Continue reading the "Pay costly store cards first, says CCCS" »
The finance comparison site said that credit card holders who are always in the red and who only make minimum repayments would be shocked by the amount of interest they are amassing. In fact, the firm recently carried out research…
Continue reading the "Borrowers warned over credit card debt" »
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…
Continue reading the "Debt consolidation rush expected, says bank" »
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