The Consumer Credit Counselling Service (CCCS) experienced an increase in demand for its debt advice services.  Last year, 2006 saw a 65% increase in clients. Men over 60 now have an average ratio of debt to monthly income of 36:1.
The CCCS has seen an increase in the number of elderly people who need help. Their […]

Asset management firm Hargreaves Lansdown has recently published statements claiming that Individual voluntary arrangements (IVAs) and credit cards promoting an irresponsible approach to personal finance.
Investment manager Ben Yearsley stated that some advertising is misleading.  This type of advertising does not fully document the long term implications of IVAs and credit card debt.
His comments follow research […]

There is a growing concern in Scotland over the number of post-graduate students who are dropping out of university.  Nicola Sturgeon, the party’s leader at Holyrood, described the trend as “extremely concerning”.
She said: “The fear of debt is a great worry for many prospective postgraduate students, which is not surprising when they graduate from university […]

Zopa, the world’s first marketplace where people meet to lend and borrow money, claims that consumers in the UK are paying £9.3 billion p.a. too much interest on their unsecured loans.
Zopa, offering the lowest interest rates for unsecured borrowing in the UK, published its estimate. It compared the average interest rates offered on their marketplace […]

If you regularly use your card for purchases, such as groceries and gas, and pay the balance in full every month, you will find that a card that offers interest free periods will greatly benefit you.  Credit cards that offer interest free periods are most beneficial to those who are able to clear the debt […]

The country has focused on adult’s debt and homeownership, overlooking the growing problem of teen debt.  Currently, 50 per cent of all teenagers are in debt by their seventeenth birthday, according to Personal Finance Education Group (pfeg).
This report gives some startling facts about teen debt that has alarmed some analysts, almost 66 per cent of […]

If you plan to take advantage of the benefits that a prepaid credit card has to offer, you should first shop around and find the best deal that is available to you.  Prepaid credit cards are extremely useful, and will help you to stay out of debt if it is used properly and you choose […]

Approximately, 763,000 loans were issued for debt consolidation purposes in 2006. This move by consumers to bring themselves out of debt, or to reduce their debt is a sigh of relief for economists.
Many economists are alarmed at the debt level UK consumers are carrying on personal loans.  Currently, 1.4 million consumers owe over £10k of […]

Despite a current report by the Bank of England that paints a rosy picture of the UK economy, one person goes insolvent very minute of every working day.  However, a global view must be taken to understand the full impact of these numbers.
In the UK, a person may start borrowing loans one year after claiming […]

The UK policy makers, economists, and union officials, may follow Denmark and Germany in a proposal to offer tax relief for interest payments.
There is a recent interest in reform, prompted by a debate over how best to level the playing field and improve the competitiveness of the tax system for corporations.
The increasing growth in corporate […]