The consumer finance website claims that as banks will lose £300 million following a cap on charges, other fees such as increasing interest rates or balance transfer fees means there are new ways to get into debt. Commenting on the…
Louise Cuming, head of mortgages at moneysupermarket.com, warned that a fall in house prices would make holders of such loans face the prospect of selling their home or even repossession. “Getting a 125 per cent mortgage comes with health warnings,”…
Continue reading the "Higher mortgage lending ‘health warning’" »
Commenting on Glasgow’s bid for a new “super-casino”, a Scottish Executive spokesman said that while the casino would give an economic boost, it was concerned about the social impacts of debt and gambling. Enterprise minister Nicol Stephen said to BBC…
Continue reading the "Ministers: Supercasino will increase debt" »
Citizens Advice figures show that 770,000 Britons missed repayments as they failed to properly manage their debt. “We are very concerned about the numbers of people who are missing payments,” said Citizens Advice chief executive David Harker. “Missing payments on…
Around a fifth of FTBs plan to spend an average of £5,000 on cars, holidays and other luxuries before a mortgage, the Alliance & Leicester found, yet this could push them into debt. “Buying your first home can be a…
Continue reading the "FTB’s ‘financial fling’ costs dearly" »
According to Defaqto, the average penalty for bounced cheques, unpaid standing orders or direct debits and other debts is now over £30 compared to around £27 in August 2003. David Black, Defaqto’s head of banking and author of the report,…
Spokeswoman Moira Haynes said that the pace of change in the financial markets was not matched by people’s awareness, leading many to get into debt through their ignorance. “British consumers are paying a high price for being ill-informed and unconfident…
Continue reading the "Financial ignorance sees Brits “paying a high price”" »
Nick White, head of personal finance at consumer website uSwitch.com, said that the DTI announcement was “disappointing” and could go further to stop people getting into debt with credit card cheques. “Today’s announcement by the DTI, following its investigation into…
Continue reading the "DTI credit card cheque change “falls short”" »
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