Archives for August 2007
UK consumers ‘want authoritative debt advice’
Debt advice must be authoritative if it is to satisfy UK consumers, it has been suggested.
Clive Cowdery, chair of the Resolution Foundation, recently claimed that many Britons are unsure of where to turn for advice they can rely on.
His comments were made on BBC Radio Five Live’s Wake Up To Money programme.
“After the last ten […]
Debt problem ‘peaks in new year’
The new year is a peak time for a debt problem to become unmanageable, according to AWD Chase de Vere.
February and March see the highest level of personal insolvencies as festive overspending takes its toll, the independent financial adviser states.
Head of pensions Richard Sheppard advises that even with the best of intentions, Britons may still […]
Students ‘could face bad debt’
Students could be left with bad debt unless they are adequately advised on financial products, it has been warned.
Mike Naylor, personal finance expert at advisory service uSwitch.com, suggests that many students may be left unaware that they are required to pay interest on borrowing such as their student loan.
His comments follow the news that debt […]
Britons ’seeking debt help from friends’
Millions of Britons turn to their friends for debt help each year, it has been revealed.
Research conducted by Abbey found that nearly a tenth (nine per cent) of UK residents borrow more than £50 from friends each year.
The average figure lent stood at more than twice this, at £116 - with more than half a […]
Away games ‘adding to personal debt’
Football fans could be adding to their personal debt by travelling long distances to away matches, it has been warned.
Statistics published by Liverpool Victoria Friendly Society show the average fanatic travels more than 5,000 miles each year to follow their team.
And the average figure of 5,554 miles is little more than two-thirds the maximum distance […]
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 […]
Debt advice ‘wise for income protection’
Obtaining expert debt advice could prevent problems with income protection plans, it has been suggested.
Harry Katz, principal of Norwest Consultants, advises that Britons should obtain financial advice before taking out a policy designed to guarantee their income.
He suggests that many plans have limitations on the circumstances in which they will pay out or the maximum […]