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…
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Moneyfacts has said that a rise in the official cost of borrowing, which will be echoed in mortgage and personal credit rates across the UK, could be “the tipping point” for many people. In fact, the website said it is…
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According to the Bank of England (BoE), lending to individuals in November grew by £1 billion, slightly down on October’s increase of £1.1 billion. Net credit card lending rose by £0.2 billion in November, while other loans and advances grew…
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Research by uSwitch has revealed that many borrowers are failing to shut down other sources of finance and are instead spending, on average, in excess of £2,300. Nick White, from the website, said that taking out an unsecured loan to…
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Nick Lord, head of money advice at the charity, has said he is worried by the number of households unable to make mortgage payments. According to the Department for Constitutional Affairs, there was a 22 per cent rise in repossession…
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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…
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Of this figure, 10,000 will go bankrupt or agree to Individual Voluntary Arrangements (IVAs) as a result of excessive spending at Christmas, according to Grant Thornton. After interest rate hikes, rising unemployment and costly energy bills last year, excessive festive…
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Consolidating debts with a cheap loan is a good way of reducing monthly payments and improving credit ratings, according to the price comparison site. And taking out a loan can also help to finalise borrowings quickly because payments are fixed…
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