Archives for 22 August 2007
Credit cards ‘worse bad debt risk’
Credit cards put the consumer at greater risk of developing bad debt than store cards, it has been advised.
A spokesperson for the Competition Commission notes that while store cards may carry higher interest rates, they typically have a lower maximum lending limit.
Because of this, Rory Taylor argues that the overall likelihood of entering a bad […]
Fixed-rate mortgages ‘offer debt relief’
Fixed-rate mortgages may offer debt relief for homeowners with affordability concerns, it has been claimed.
The Council of Mortgage Lenders (CML) suggests that fixing monthly repayments is a good means of budgeting over the long-term.
Spokesperson Christopher Dean adds that this could be especially helpful for first-time buyers who are at the limit of affordability when arranging […]
Britons ‘unaware of debt problem’
A significant number of Britons are unaware of the level of their personal debt problem, it has been revealed.
Figures from Independent Financial Adviser (IFA) Promotion show that 2.5 million consumers do not know how much they owe in personal debt.
And a further 15 million cannot state their debt problem to within £100 of the actual […]
Store cards ‘may lead to bad debt’
Store cards can result in the development of a bad debt problem if not wisely used, it has been warned.
Chris Tapp, deputy director of Credit Action, suggests that consumers should be aware of cheaper forms of borrowing which are also available.
While traditional credit cards are likely to be cheaper, he states that an overdraft or […]