Archives for December 2007
Debt charities on standby
Article Category: IVA (Individual Voluntary Arrangement) Help and AdviceDebt charities are standing by for the annual post-Christmas torrent of calls as borrowers struggle to keep up with credit repayments.January is normally a month, following the consumer frenzy of the festive period, when many people wake up with debt-laden financial hangovers.Calls to charity National Debtline in […]
‘Steer clear’ of store cards
Article Category: Debt Management Help and AdvicePresent-buying shoppers should "steer clear" of high-interest store cards at this time of year, according to consumer group Which?.Although the temptation might be there to take one out around the festive period, unless they are "very disciplined" and pay off balances every month, they are advised to think twice. […]
Home ownership ‘turning sour’
Article Category: Debt Management Help and AdviceThe dream of home ownership for many people with sub-prime mortgages is ‘turning sour’ and fast becoming a debt-laden nightmare, according to a report by the Citizens Advice Bureau (CAB).Due to less than adequate advice from brokers, risky lending decisions and ruthless arrears management by companies offering these types […]
Savings ‘ain’t looking good’
Article Category: Debt Consolidation Help and AdviceThings "ain’t looking good" as increasing numbers of people struggle to put aside some money each month, according an independent firm of financial advisors.Baronworth Investment Services is warning that "major problems" could build up if the present low levels of long-term savings are not increased.Colin Jackson, from the company, […]
Most Brits are financially ‘obese’
Article Category: Debt Management Help and AdviceMost Brits are not looking after their financial health well enough, are financially ‘obese’ and risk getting into unnecessary debt, according to a survey by the Abbey bank.The figures paint a worrying picture of inertia among the public, sticking with under-performing savings accounts or expensive products rather than switching […]
Borrowers ‘feel better’ with savings
Article Category: Debt Management Help and AdviceWell over half of all borrowers are also savers, 35 per cent of whom say they save because it makes them ‘feel better’, according to a study.The research carried out by financial comparison website moneysupermarket.com, has found that 66 per cent of people who incur interest on items such […]
Uncertain market
Article Category: Debt Management Help and AdviceIt is uncertain how the long-term effects of the credit crunch crisis will affect the lending and borrowing market, according to the Finance and Leasing Association (FLA).It says the situation is "unprecedented" and borrowers and lenders were both adopting a cautious approach.Helen Saxon, spokesperson for the FLA said that […]
‘Impossible’ situation exaggerated
Article Category: Debt Consolidation Help and AdviceThe City’s financial regulator’s dire warning that it would be "difficult if not impossible" to re-mortgage on reasonable terms has been played down by Newcastle Building Society.In a statement, it says the watchdog’s pronouncement of 1.5 million people having to remortgage next year being in difficulties was exaggerating the […]
Debt laden mortgage-payers thrown lifeline
Article Category: IVA (Individual Voluntary Arrangement)Help and AdviceYesterday’s interest rate cut may have thrown debt-laden mortgage-payers a lifeline, according to a money advice charity.The National Debtline service said that passing on the Bank of England’s (BOE) reduction of 0.25 per cent would help borrowers, especially those coming to the end of fixed-rate deals.Spokesperson Beccy Bolden […]
Bank cuts base rate
Article category: Debt Management Help and AdviceHard-pressed mortgage-payers were given some breathing space today with the Bank of England’s (BOE) announcement of an interest rate cut.The widely-expected cut of 0.25 per cent to 5.5 per cent comes as a welcome respite to homeowners some of whom have been struggling to keep up with a series […]