Archives for 13 August 2007
UK pensioners ‘failing to clear debt’
Britons are increasingly unlikely to clear debt accrued before they retire, it has emerged.
Figures published by Scottish Widows show that a fifth of retired homeowners are still repaying their mortgage.
And one in three also have outstanding personal debt payable on unsecured loans or credit cards.
The average balance left to pay on a mortgage is £38,000, […]
‘Holiday debt problem’ for one in five
A fifth of Britons face a debt problem when paying for their summer holidays, research has found.
In a study conducted by MoneyExpert, 18 per cent of respondents stated that they go into the red each year in order to pay for a holiday.
And 63 per cent of those people use credit cards - potentially putting […]
IVA ‘debt solution for one in five’
One in five young people consider bankruptcy and individual voluntary arrangements (IVA) debt solutions, it has been claimed.
Figures released by media intelligence group Mintel show that 22 per cent of 18 to 34-year-olds would be willing to undertake bankruptcy or an IVA to clear their debts.
And senior finance analyst Todd Davis suggests that, compared with […]
Existing debt problem ‘driving credit promotions’
The debt problem in the UK is driving banks to offer evermore favourable promotions on credit cards, it has been claimed.
Susan Hannums, savings manager for AWD Chase de Vere, notes the proliferation of special offers as banks look to sign up new credit card clients.
And she advises caution in taking advantage of such deals, as […]