In the Alliance & Leicester survey, 42 per cent of those hoping to buy a home cannot afford one as they struggle to clear debt and raise a deposit. Stephen Leonard, director of mortgages at Alliance & Leicester, said that…
According to Morgan Stanley, credit card debt will rise this year by 35 per cent on last year’s season, hitting £1,270. However, Patrick Muir, marketing director at the Morgan Stanley Credit Card, said that the study also showed that repayments…
Continue reading the "Credit card debt to rise this Christmas" »
Yorkshire Building Society claims that Britons could save £44 billion every year through simple measures, a move which would see many become debt free. Tanya Jackson, media relations manager at the building society, commented: “It is interesting to see that…
Continue reading the "Building society in ‘belt-tightening’ call" »
According to ifs, there were 27,644 individual insolvencies in England and Wales in the third quarter of 2006, something which includes both Individual Voluntary Arrangements (IVAs) and bankruptcy. “These figures are yet another aspect of the disturbing trend of increased…
Standard Life claims that reviewing a customer’s full financial situation is “paramount”, particularly when issuing large loans such as mortgages, or else it could lead to a debt problem. Anne Gunther, chief executive of the bank, said: “As a responsible…
Continue reading the "Bank calls for more responsible lending" »
Aegon states that as people become more aware about their finances, they will want quality debt help and other financial advice to improve their monetary capabilities. “As momentum builds behind the government’s financial capability strategy, it’s significant that IFAs [independent…
Continue reading the "Demand for debt advice tipped to grow" »
James Falla, director of debt advice firm Thomas Charles, said that unless something changes soon, there will reach a point where those who have financial problems surpass those who are making repayments. “We are currently witnessing a correlation of increased…
Moira Haynes, spokeswoman for Citizens’ Advice, said that people need to be able to get good advice if they wish to clear debt. “I think people just need to be wary of being offered what looks like a magic wand…
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