Lenders are scrutinising consumer’s credit histories even closer following the recent US scare. Lenders are scrutinising consumer’s credit histories even closer following the recent US scare, which could mean those who have missed payments on their mobile phone contracts may not be able to buy a house or open a credit card account. Lenders already [...]
August, 2007
Brits borrow £4.4m a year to see them through to pay day
Britons borrow £4.4 m from friends each year to see them through to pay day or pay off personal debt and then fall out about it according to the latest research from Abbey. It showed the main reason for borrowing from a friend, 36 per cent of people, was a cash advance until pay day. [...]
Debt warning from the Chancellor
Chancellor Alistair Darling has warned banks to be more careful when it comes to lending money Chancellor Alistair Darling has warned banks to be more careful when it comes to lending money. He said: “in crude terms lenders need to know who they’re lending to, how much they’re lending and what the risk is.” “Now, [...]
Record numbers seeking debt advice
The number of people seeking debt advice has soared The number of people seeking debt advice has soared according to the Citizens Advice Bureau (CAB). The CAB said 1.7 million people sought debt advice in 2006, up 20 per cent on 2005. 40 per cent of enquiries were from people struggling with credit card and [...]
Increase in balance transfer fees
The average fee for transferring a balance to a 0 per cent credit card has risen According to research from Moneyexpert.com the average fee for transferring a balance to a 0 per cent credit card has risen by 0.5 per cent to 2.67 per cent over the last year. The Office of Fair Trading told [...]
Interest rates to rise again
The August inflation report from the Bank of England has suggested interest rates will need to rise again The August inflation report from the Bank of England has suggested interest rates will need to rise again to keep the target of 2 per cent inflation on track. The report also says consumer spending has remained [...]
Millions using credit to gamble out of debt
Millions of gamblers are funding their habit by borrowing on their credit cards. Millions of gamblers are funding their habit by borrowing on their credit cards, personal loans or overdrafts according to the latest research from MoneyExpert.com. The findings showed that 14 per cent of the nation’s monthly gambling is paid for by money borrowed [...]
Britain’s overindebted in denial
Nearly four million Britons are officially overindebted Nearly four million Britons are officially overindebted (2) but two-thirds of them are in denial according to research from leading debt management specialist Chiltern. Its research revealed that one in 16 people in the UK spends more than 25 per cent of their wages paying off unsecured debts [...]
Home repossessions and insolvencies increasing
The number of people having their properties repossessed has jumped by 30 % at the same time as the number of insolvencies has increased according to official figures released today. The Insolvency Service revealed there were 26,956 individual insolvencies in England and Wales in the second quarter of 2007, a rise of 4.2 per cent [...]
