New laws in the US that will make it deliberately harder for people to develop too much credit card debt, will be agreed today by President Barack Obama. The new restrictions, that are to be introduced next February, will put an end to some of the practices currently employed by credit card companies which have [...]
May, 2009
Debt advice charities swamped
Debt advice charities are looking into the possibilities of running a pilot scheme that would result in some debtors dealing with their own problems. The scheme would be reserved for the more financially aware, and it would save time for the overworked advisers, who would no longer have to spend hours filling in paperwork with [...]
UK credit rating “at risk” over debt problems
Concerns over significant national debt problems have caused Standard and Poor, a leading credit rating agency, to revise its outlook for the UK economy. For the first time in more than 30 years, it has down-graded it’s rating of the UK economy from stable to negative. The down-grade was announced as the true scale of [...]
Spending down as consumers strive to get out of debt
UK economic output declined by 1.9%, during the first quarter of this year, according to figures released by the ONS (Office of national Statistics). This was largely down to a sharp reduction in spending, by UK households, as people are tightening their belts in an effort to get out of debt, or simply to make [...]
Debt problems for major card shop
If you’re relying on a birthday card with money in it to solve your debt problems, you may have some wait ahead. Card specialist Birthdays, has been placed into administration by parent company Clinton Cards, threatening the jobs of 2,000 of its staff. The firm, based in Bury – Lancashire, announced that all 223 stores [...]
Debt problems? Move to Duck Island
The recession has left many victims in its wake. The collapse in the housing market has affected a lot of people that considered the equity in their property to be as safe as houses. The increase in unemployment has left hundreds of thousands jobless, and in some cases in severe financial difficulty. There are record [...]
World’s most expensive car is sold amidst sea of debt problems
Despite thousands of people experiencing debt problems, it seems someone still has £8m to spend on a car. It wasn’t even a new one! As many of us are struggling to juggle our finances and get out of debt, elsewhere the sale of a vintage car has set a new record for the most expensive [...]
Middle-class credit card debt
As the recession starts to take hold, greater numbers of affluent consumers are finding themselves in need of help with their debt problems, and in the majority of cases their financial difficulties are a result of excessive spending on credit cards. According to UK charity CCCS (consumer credit counselling service) the fall in house prices, [...]
Debt help for the jobless
According to figures released by the ONS (office for national statistics), the number of people unemployed, in the UK, increased to 2.22 million in the first quarter of this year. This represents a rise of nearly 250,000, and the government were forced to admit that the jobless situation was very bad. The news comes close [...]
Look to the heavens for IVA and debt advice
Church parishioners have launched a debt advice centre, in Bradford upon Avon, in a bid to help locals that may be in financial difficulty in the current recession. Fourteen volunteers, from 7 different church groups, in Trowbridge and Bradford are running the Hope Debt Advice Service, which was started last week at the United Church. [...]
