The global credit crunch that financial institutions are currently suffering is partly a result of the collapse of the sub-prime mortgage sector in the US. This situation has led to massive losses for many financial institutions.
Repossessions in the UK could hit as much as 70,000 in the coming year, which will be the highest rate […]

Figures just released show that the average Briton is now £33,000 in debt, a figure almost twice as much as it was in 2000, when the average Briton then owed £17,000.
The bulk of the increase in debt comes mostly from spiralling house prices and the resultant large increase in mortgages. Many experts are now warning […]

Roughly a quarter of all working Britons will be refused personal loans, credit cards and mortgages by the year 2011 according to Datamonitor.
It is reported that the number of borrowers blacklisted by mainstream lenders will keep rising over the next four years, growing from 7 million to 8.6 million.
Apparently, more and more of us will […]

Imagine you’re thinking of buying a new TV but you just don’t have the cash immediately available. What are your options? One is to not bother buying the TV, another is to get a cheap radio instead, or you could always borrow some money.
When you approach a lender they want to find out a little […]

In May, it was reported that 2007 could go down as the worst ever year for Britain’s ‘debt crisis’.  A record, 30,075 people went bankrupt or signed Individual Voluntary Arrangements (IVA) between January and March in as they found themselves unable to repay mortgages and loans.
It reaffirmed predictions that 2007 will surpass last year’s record […]

The number of repossessions hit an eight-year high in the first half of 2007, most caused by bad debts, resulting from high interest rates. This trend should increase as thousands of mortgages will come up for renewal. Personal insolvencies are also reaching record levels, with 12 people petitioning for bankruptcy every hour in June.
The Ministry […]

Watchdog groups have turned their attention to the sub-prime market. This market grants home loans to people who do not qualify for financial products through traditional lenders. Their concern is that the sub-prime market is making it too easy to lie about income and debt.
Many people are lying about their debts and incomes to secure […]

The last year has seen staggering changes in credit card spending trends.  Credit card spending trends continue to fluctuate as the Bank of England increases interest rates to tackle the inflation rate. Consumer education and a growing trend to reduce debt is also impacting the way consumers use their credit cards.
Changes to credit card fees, […]

Many consumers are unaware of a situation called ‘debt dependency.’  This refers to a condition where consumers become indebted, and are forced to continue borrowing on credit cards and payday loans just to make ends meet each month.
These spenders never reach a point where they can save money, and pay cash. In fact, so inured […]

The media has been awash with stories of middle- and low-income families building up impossible-to-manage debts.  The celebrity lifestyle is a glamorous influence and many people want to live that lifestyle, even if it is funded by secured loans borrowed against their home.  However, a new report defines who is running up the biggest debts.
A […]