According to Defaqto, people who postpones repaying their credit card debt on a sum as little as £100 could be paying anywhere between £5 and £28.33 for their delay. David Black, Defaqto’s head of banking, said: “Annual fees will more…
Continue reading the "Credit card debt could get worse for some" »
The Trading Standards Institute (TSI) claims that illegal money traders “not only make financial debt worse” but can use threats and violence to intimidate people into paying high interest rates. Ron Gainsford, chief executive of TSI, said: “Loan sharks prey…
According to Which? 21 per cent of people have had a bad experience with the industry that could have led to them needing debt help due to the problem. Doug Taylor, a personal finance campaigner from Which? said: “These are…
Continue reading the "Consumers ‘don’t trust the finance industry’" »
Calls to the National Minimum Wage (NMW) helpline were found to have increased by ten per cent in a year, leading to £3,291,516 in unpaid wages being recovered for 25,314 workers. Employment minister Jim Fitzpatrick said: “The national minimum wage…
Continue reading the "Unscrupulous employers pushing people into debt" »
Becky Wilks, a spokeswoman for National Debtline, said that young people are more likely to need debt help than older people as fewer younger people read the small print on store cards. “The music is on, you’re buying clothes and…
Teresa Perchard, director of policy at Citizens Advice, welcomed the announcement by the shadow chancellor, George Osborne, to meet debt advice firms to discuss what the party can do to help those who owe money. She told BBC Radio Five…
Continue reading the "Politicians ‘can do more to tackle debt’" »
Commenting on the government’s report on financial inclusion, Abcul CEO Mark Lyonette said that the creation of more credit union accounts would enable more people to have better debt management plans. He said: “More credit unions would be able to…
Continue reading the "Calls for more funding for credit unions accounts" »
According to the shadow chancellor, George Osborne, store cards are to have a week-long cooling off period, while students will get debt management lessons. “It is increasingly clear Gordon Brown has not done enough. Insolvencies are up, bankruptciesare up and…
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