George Osborne told the Credit Today conference that an “imaginative solution” was needed to tackle debt problems before lives are destroyed. “The expansion of credit has brought challenges,” warned Mr Osborne. “For some, especially vulnerable families, too much debt can…
Continue reading the "Credit card Britain is on its way, MP says" »
Government figures show that debt levels drove 24,000 to become bankrupt or take out an IVA to manage their debt. Laws introduced in 2002 liberalised the bankruptcy regime, making it easier for people to turn to bankruptcy and IVAs as…
Research by Friends Provident shows that 24 per cent of Britons lack insurance to pay mortgage debt upon their death, leaving their family to pick up the bill. Ian Jefferies, head of protection marketing at Friends Provident, commented on the…
Continue reading the "Mortgage debt can lead to family misery" »
The Conservative MP told a Credit Today conference that there was a “vulnerable” minority of people who had poor debt managementwhich was leading to problems. “For some, especially vulnerable families, too much debt can cause misery and great financial hardship,”…
Continue reading the "Debt misery warning by Shadow chancellor" »
Nick White, head of personal finance at consumer finance website uSwitch.com, said that those with credit card debt risk having it mount up if they only repay small amounts. “If you borrow on your credit card and then make the…
Continue reading the "Credit card users need minimum payment education" »
Calling for a change in the law, George Mudie MP accused lenders of being too quick to repossess homes when a person gets into debt. “Some lenders are taking court action for possession too quickly,” said the Labour MP as…
Continue reading the "Repossession should be last resort, says MP" »
Mintel’s British Lifestyles report says that last year consumers parted with £1 trillion – a million million – amounting to £37,000 for every household in the country. “The £1 trillion mark is a significant milestone in the expansion of the…
Student loan information lies outside the normal practice of sharing debt and repayment history, meaning commercial lenders cannot assess whether they are lending to people who will struggle to pay back the loan. Callcredit industry affairs director, Mel Mitchley, explained:…
Continue reading the "Student loan obscurity skews credit chances" »
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