Archives for August 2007
Debt problems ’caused by lack of understanding’
Article Category: Debt Management Help and Advice
Greater financial education for young people could prevent many debt problems, it has been claimed.
Citizens Advice argues that a lack of awareness of financial management techniques is leading to many individuals developing affordability issues.
But by targeting skills-based lessons at 11 to 16-year-olds, a greater understanding of the dangers of […]
Equity release ‘used to consolidate debts’
Article Category: Debt Consolidation Help and Advice
An increasing proportion of Britons are turning to equity release plans as a means of consolidating debt, it has been claimed.
Sue Anderson, head of member and external relations at the Council of Mortgage Lenders, suggests that the figure could be rising due to new affordability concerns.
Historically such methods were […]
School costs ‘pose debt problem for three in four’
Article Category: Debt Management Help and Advice
Three-quarters of parents face a potential debt problem due to the cost of sending their child to school, it has been claimed.
Independent charity Citizens Advice warns that expenses associated with September’s return to school could push many parents into the red.
Almost all respondents to a recent survey told the […]
IVAs ‘less stigmatised than bankruptcy’
Article Category: IVA (Individual Voluntary Arrangement) Help and Advice
Individual voluntary arrangements (IVA) carry less stigma than bankruptcy, it has been advised.
Financial education charity Credit Action suggests that the idea that bankruptcy has become stigma-free may be misleading.
Deputy director Chris Tapp says: “People do still make an instantaneous judgement on somebody if they know they’ve gone […]
Debt recovery ‘for 50somethings’
Article Category: Debt Management Help and Advice
Many Britons take until their 50s to complete debt recovery efforts, it has been claimed.
According to Birmingham Midshires, 55-year-olds are most likely to eliminate their debt and embark on a “second life” financially.
The pressure of supporting a family and lengthening mortgage terms are suggested as possible reasons why life […]
Debt problems defeating savings for one in four
Article Category: Debt Consolidation Help and Advice
A quarter of consumers are failing to save due to overwhelming debt problems, it has been revealed.
Figures published by Post Office show that 27 per cent of Britons cite personal debt as the main obstacle to increasing their savings.
The findings come as the institution celebrates the 145th anniversary of […]
Credit card management ‘offers quick funding for businesses’
Article Category: Debt Consolidation Help and Advice.
Businesses are increasingly using credit card management techniques as a means of gaining funds in the short-term, it is claimed.
A spokesperson for Lloyds TSB notes the prevalence of fixed-rate loans and credit card products among small businesses looking for extra cash at short notice.
Head of communications Stephen Pegge suggests […]
Pension planners ’should avoid last-minute refinancing’
Article Category: Debt Management Help and Advice.
Many Britons are “sleepwalking” through life and face last-minute refinancing in order to avoid a retirement debt problem, it has been claimed.
Chief executive of the Pensions Advisory Service Malcolm McLean warns consumers to plan ahead to avoid a hasty reconsideration of their finances in the last years of their […]
Debt management ‘wiser than moonlighting’
Article Category: Debt Management Help and Advice
Effective debt management may be a wiser option than taking on a second job, it has been suggested.
David Kuo, head of personal finance at Fool.co.uk, advises Britons to budget, rather than try to earn extra money on top of their day job.
His comments come as research from the finance […]
‘Increasing debt problem’ for one in four adults
Article Category: Debt Consolidation Help and Advice
A quarter of adults in the UK have seen their debt problem increase in the past three months, it has been claimed.
Figures from MoneyExpert show that 25 per cent of consumers have increased their personal debt in the wake of recent rises in the Bank of England’s base rate.
More […]