Online credit checking firm e-Business Credit Manager (e-BCM) believes that firms with up to 20 employees are most at risk since they lack the necessary tools to reduce their risk of debt and to follow up outstanding repayments. Dennis Scott,…
Continue reading the "Bad debt ‘could cause more firms to go under’" »
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" »
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’" »
Howard Archer, chief UK and European economist for Global Insight, believes that Britons are to have limited spending power over the next year. “This is due to the major headwinds that consumers face – higher interest rates, elevated utility bills,…
Continue reading the "Consumer spending ‘to be hampered by debt levels’" »
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’" »
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" »
Research suggests that mortgage rates have increased over the past two years, with a two-person household having to spend about 22 per cent of their take home pay on their loans. This is an almost ten per cent increase from…
Neil Munroe, external affairs director for Equifax, states that for many people bankruptcy is the only way out of debt. His comments follow an Equifax survey stating that 56 per cent of respondents believe that it is not fair for…
Continue reading the "Bankruptcy ‘the only option for many’" »
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