Archives for July 2007
Debt consolidation ‘could help with holiday spending’
Obtaining a debt consolidation loan could be a means of tackling excessive holiday spending, it has been advised.
Sean Gardner, chief executive of MoneyExpert, urges holidaymakers to consider debt consolidation and credit card balance transfers as ways of reducing their monthly interest payments.
The comments follow research conducted by the firm which found 1.4 million Britons are […]
Non-decent homes ‘could impact debt management’
Debt management efforts could be hit by the need to renovate homes to a decent standard, it has emerged.
The English House Condition Survey conducted by Communities and Local Government reveals more than a quarter (27.1 per cent) of domiciles in the UK are classed as “non-decent” for human habitation.
And the average price of raising these […]
Poor insurance applications ‘could damage debt management’
Consumers could see their debt management efforts hampered by high insurance premiums if their applications are inaccurate, it has been warned.
Critical illness insurance is a form of payment protection, with Legal & General offering a lump sum or monthly amount to clients upon the diagnosis of one of 35 listed illnesses.
While such protection may prevent […]
Chip and pin ‘helping credit debt management’
The chip and pin system is helping debt management efforts which aim to reduce the money lost through fraudulent transactions, it has been claimed.
UK payments association Apacs reveals the amount of money lost to credit card fraud has decreased since the introduction of the scheme in 2004.
Figures published by the association portray a three per […]
Equity release ‘not the only debt management solution’
Equity release is not the only debt management solution for the elderly, it has been claimed.
A spokesperson for Saga Personal Finance suggests a range of alternative ways of tackling personal debt without releasing equity from a property.
Director of marketing Clare Cracknell urges consumers to consider all of their options before coming to a decision.
“It […]
Bankruptcy and IVAs ‘help credit debt management’
Options such as bankruptcy and individual voluntary arrangements (IVAs) are an increasingly popular feature of credit debt management, it has been suggested.
Law firm Macbeth Currie claims that much of the social stigma associated with declaring bankruptcy has been eliminated in recent years.
Senior consultant Duncan Philp explains that while a number of small businesses go […]
Personal debt ‘dwarfed by richest half’
Savings held by the richest people in the country dwarfs the personal debt of the least well-off, new figures show.
Research conducted by Alliance & Leicester shows the most affluent Britons hold £5.1 trillion in savings and assets, compared with a national debt of £1.3 trillion.
However, the financial services provider warns that the distribution of wealth […]
Green intentions ‘hampered by bad debt’
Consumers faced with bad debt may be unwilling to spend on environmentally friendly financial products, it has been claimed.
According to Co-operative Bank, Britons are not prepared to reach into their own pocket to provide funds for ethical products.
A spokesperson suggests: “They will not pay more on their credit cards, they won’t take a lesser product, […]
Equity release ‘could pose debt problem for elderly’
Elderly consumers may develop a debt problem if they cannot afford repayments on an equity release scheme, it has been warned.
The Financial Services Authority (FSA) explains that while defaulting on a mortgage is “very unfortunate” for a 30-year-old, it could result in a serious debt problem for a more elderly borrower.
Younger Britons are likely […]
Travellers ’should exercise credit debt management’
Credit debt management should be taken into account when spending on plastic overseas, it has been warned.
Research conducted by financial services analyst Moneyfacts reveals that fees incurred due to credit and debit card spending while on holiday abroad totalled about £725.75 million in 2006.
This could pay for 300,000 family holidays or 70 million bottles […]