Archives for 25 July 2007
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 […]