Archives for June 2007
Travellers in debt ’should cut roaming costs’
Holidaymakers facing personal debt problems should look to their mobile phones to cut costs, it has been advised.
Figures published by moneysupermarket.com show mobile providers could add more than £6 million to Britons’ personal debt in July alone due to roaming charges on overseas calls.
And while new European regulations place a limit on the roaming […]
Debt advice ‘worth more than money’
Borrowers benefit more from debt advice than they do from being given money, it has been claimed.
According to Experian’s CreditExpert service, 47 per cent of Britons are willing to give money of their own to friends who have developed personal debt problems.
But the researchers warn those in debt that seeking professional advice could be […]
Britain is Maxed Out!
Britain’s personal debt is increasing by one million pounds every four minutes - an astounding figure. At the beginning of May 2007 UK personal debt stood at £1,325 billion, an increase of 10.4% from the same period the previous year.
Secured lending on property now stands at the beginning of June 2007 at £1,112bn - an […]
Switching accounts ‘may tackle debt’
Britons looking to tackle their personal debt may do so by switching accounts, it has been suggested.
The British Bankers’ Association (BBA) advises that banks are making it increasingly easy for customers to switch to a different account if it better suits their circumstances.
For those looking to tackle debt problems, a move to an account […]
‘One in three borrowers consolidating debt’
A third of all loans are now used for consolidating debt accumulated through other sources, it has emerged.
Research conducted by Alliance & Leicester shows consumers are more willing than ever to consolidate their existing debts in order to minimise the amount they have to repay.
High-interest store cards and finance deals are listed by the […]
Offset mortgages ‘may help with debt’
Offset mortgages may help with debt by focusing on clearing money borrowed against a property, it has been claimed.
Intelligent Finance suggests that the product reminds consumers that their money is best used in clearing existing debts.
The firm advises that this could help with debt by preventing any frivolous purchases which may otherwise take place.
Managing […]
Flood claims ‘could pose debt problem’
Britons could develop a debt problem if their insurance claim is rejected following recent flooding, it has been warned.
Over a quarter of a million (257,000) claims are turned down each year due to being underinsured, according to Abbey.
And the firm states that on Monday, June 25th, adverse weather conditions led to it receiving 8,600 […]
Greater store card debt for under-25s
Young people are more likely to use store cards to borrow money, placing them at a greater risk of high levels of personal debt, it has been claimed.
Research conducted by the Consumer Credit Counselling Service identified under-25s as the group with the greatest chance of obtaining store cards.
Meanwhile, their over-25 counterparts were seen to […]
Debt-struck Britons ‘the real fashion victims’
The term “fashion victim” may have a whole new meaning for debt-struck Britons, according to Scottish Widows.
Figures published by the financial services provider suggests that consumers waste over £6,000 on unwanted clothing over their lifetime, with the firm advising those with debt problems to curb their spending.
Some £6,044 is spent on average on clothes […]
Order of payment ‘affects credit debt management’
Britons looking to clear their borrowing through credit debt management should be more aware of the order in which their payments are tackled, it has been warned.
Research from Nationwide showed widespread confusion as to which parts of outstanding credit card debt are paid off first.
Over two-thirds (69 per cent) of respondents chose the wrong […]