According to John Borgars of Equity Development, many firms set up to help people clear debt charge fees which can add to their problems. He praised ClearDebt for its affordability, in contrast to firms such as Loanmakers, which collects a…

Price comparison website uSwitch has criticised lenders for dropping monthly minimum repayments to as little as two per cent of the balance, arguing that this makes borrowing more expensive in the long-term. Nick White, head of personal finance at uSwitch,…

The report’s authors believe it will help people avoid getting caught in a debt trap and gives advice on how to use cards without getting into debt. “It’s clear that credit card debt is one of the major factors of…

The charity said that it plans to distribute financial know-how tool kits to thousands of school pupils as part of a new scheme. John Bateman, chief executive of UK Youth, told Channel 4’s News at Noon: “20 per cent of…

Symptoms of ignoring the problem – and not making the debt go away – include not opening bills, or hiding the extent of the financial crisis from family. Stephen Rose, director of the Debt Advice Bureau, said: “There is nothing…

Britannia Building Society said that it is to contact its interest-only customers to highlight the danger of only paying the interest and not the capital on their mortgage, warning that they are creating a “potential timebomb”, the Times reports. Nick…

Prudential says that over a million retirees have an average debt of £15,500 and 70,000 have a debt as high as £75,000. Most worryingly, a quarter of pensioners say that they lack the funds to repay debt and other financial…

Cheltenham & Gloucester warns that a rise in the rate by a quarter of a point will mean that average families could spend nearly half of their take-home pay on mortgage repayments. Managing director of C&G, Jon Pain, said: “Despite…