Stephen Lea, professor of economic psychology at Exeter University, said consumers were “pretty cheery” about getting into arrears for products such as cars and holidays. He told BBC Radio 4’s Today programme that this was almost inevitable: “Students in effect…
On average the over 50s saved £550 between April and June, while 20-somethings experienced a 13 per cent drop in savings over the same period, Birmingham Midshires said. “It is reassuring to see that those in midlife are saving toward…
Figures from the Council of Mortgage Lenders (CML) show that in June the average first-time buyer borrowed 3.21 times their income to get a mortgage, up from 3.06 times a year before. Yet the amount of debt first-time buyers are…
Continue reading the "Bigger borrowing than ever for first-time buyers" »
Chief among the tips was to not ignore the debt but to prioritise repayments and take advice from professionals rather than taking out another loan to service existing monies. Teresa Perchard, director of policy for Citizens Advice commented: “We would…
Anthony Elliot said it was due to such irresponsible lending that so many Britons were facing a debt crisis. He told Channel 4’s News at Noon that the current situation was a reflection of the “ease” with which consumers could…
Lisa Taylor from moneyfacts.co.uk said that with the interest rate rising, many people with debt are going to be hit harder. “Recent economic signs do not paint a very rosy picture for UK consumers, with rising bad debts, unemployment levels,…
Continue reading the "Decreasing disposable income hits financial commitments" »
A quarter of Britons would consult friends over loans, accounts and mortgages, even though they might not know all that much about such important financial matters. The survey was commissioned by Alliance & Leicester, which is trying to encourage friends…
Yet these insecure workers – which account for a tenth of the workforce – have few savings put aside to cope with debt in case they are made redundant, Prudential has said. Angus Maciver, business director of insurance at Prudential,…
Continue reading the "Job insecurity leaves millions in “precarious position”" »
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