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Latest Debt News
Debt: Don’t Get Bit By Loan Sharks
People with debt problems are risking bad advice, extortionate interest rates and even bankruptcy by turning to loan sharks and doorstep money lenders instead of legitimate sources of finance.
A recent survey by insolvency group R3 has found that 67,000, or seven percent, of almost one million people struggling with debt had contacted a loan shark.
Another 13 percent of debtors had considered a dodgy loan instead of looking around for legitimate sources of finance and debt advice.
If you’re struggling with debt then go to the debt section here on Mendmydebt.com to find out how you can stop being hassled by creditors and can say goodbye to debt stress.
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Banking Reforms Must Help Those In Debt
Vulnerable people need to be considered when banking reforms are announced to help them build up savings and stay clear of further debt.
In its On the Margins report, Consumer Focus points out that nearly a million adults in the UK don’t have any form of bank account.
These include some of society’s most vulnerable, such as the bereaved, bankrupt and mentally ill.
The report points out that these people end up increasing debt levels as they miss out on the benefits of bank accounts, such as having to pay more for bills as they can’t use Direct Debit.
Consumer Focus’ Chief Executive Mike O’Connor has urged the vulnerable to be helped, commenting that “life without a bank account can cost time, money and convenience. It is another stark reminder that those with less often end up paying more.”
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Debt Sufferers Failed By Energy Firms
Energy suppliers are not doing enough to help people in debt, a new study has discovered.
The review from Ofgem and Consumer Focus discovered that firms are failing to take into account indebted customers’ ability to make repayments.
As a result, Ofgem have issued guidelines for energy companies so that they can work with people in debt to get the best outcome for all concerned.
These steps include the firms making proactive contact with the customer and making sure they understand what their debt is and when it is due.
The also recommended that debt repayments to suppliers should be tailored according to each customer’s needs. However, the report did point out that energy firms are making ‘good progress’ with the way they deal with people in debt.
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Debt Worries For Millions of Brits
Debt is a major fear for many of us, according to a new survey conducted by a poverty charity.
The research from Elizabeth Finn Care shows that almost three out of four (73 per cent) adults are worried about debt levels, and are bracing themselves for higher interest rates, unemployment and bills.
Matthew Sykes, chief executive of the charity commented that: “Our research clearly demonstrates the effects of the financial crisis on the British people.
It’s worrying to see that over a quarter of those who think they will be finally worse off in six months have no savings left.”
The poll revealed that nearly four in ten (39 per cent) thinks that they will be worse off by the end of the year. Of this number, nearly half (46 per cent) plan to cut back on petrol and other transport costs.
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Debt Equals Depression?
As millions of us struggle with debt and money problems, there are fears that it will lead to an increase in the number of people becoming depressed.
People with financial worries are more likely to suffer from psychological problems, according to a new study from the Nottingham School of Economics.
In their research, they examined information from the Families and Children Survey, which revealed that 13 per cent of people who had debt problems also suffered from mental health issues.
By comparison, only 3 per cent with no debt worries suffered from psychological problems.
Some of the biggest causes for concern are debts owed to relatives and friends, whether they’re overdue or not.
Professor Richard Disney, who carried out the study, remarked that: “We have figures that show more and more people have been seeking advice from counselling agencies and from friends and relatives.”
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Debt: The Need To Get Welfare Reform Right!
A youth charity has urged the government to get welfare reform right, so people in debt can be helped as soon as possible.
The Child Poverty Action Group (CPAG) has highlighted a number of priorities that they want Secretary of State for Welfare and Pensions, Iain Duncan Smith, to focus on.
The group believe that going to work must be made worthwhile, after their findings discovered that nearly six out of ten (59 per cent) children in poverty have a parent in work.
People’s debt problems are also not being helped by the support that they get whilst looking for work.
The charity indicates that many people who are unemployed at being “shunted” into inappropriate activities.
Imran Hussain of CPAG commented that people in debt need a “genuine safety net” and that the government had a chance to turn away from “recent failures”.
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Debt charity calls for fairness
youth debt charity has called for fairness from the government, in order to protect families from financial problems in the future.
“The benefit system should be judged on protecting family security, supporting people into decent jobs and spending public money efficiently,” commented Imran Hussain of the Child Poverty Action Group.
“Recent reforms have failed on all counts.”
This comes after the Queen’s Speech unveiled details of how the government plans to relieve the country’s debt, such as ending the Child Trust Fund at the end of the year.
Mr Hussain wants to see the debt dealt with fairly, though.
“A new Welfare Reform Bill is a chance to change direction away from the failed top-down sanctions bureaucracy that wastes public money and denies people entitlement to the support they need to get into work,” he remarked.
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Debt risk during slow recovery
This year will remain to be tough for us all financially, as forecasts on the country’s economy make gloomy reading.
The figures from the National Institute of Economic and Social Research (NIESR) show that GDP will grow by just one per cent this year, whilst consumer inflation will average at 3.1 per cent – well above the Bank of England’s 2 per cent target.
High inflation is likely to mean that interest rates will stay low, which may be good news for us with credit cards and mortgages, but bad news for people with savings.
The report also indicates that a another 200,000 people will be put out of work by next year and that there need to be greater tax rises and spending cuts to ease the national debt.
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UK Credit Checks causing complications
Up to 10 million people in the UK could fail credit checks if they attempt to take out a mortgage or other financial product.
That’s according to research which found that 13 per cent of those surveyed had not sought credit services since before the year 2000.
With agencies unable to access data on accounts opened before this date, it means that customers may not have enough activity showing to pass an automated credit check.
And another 9 per cent are unsure whether they appear on the local electoral register, which can also seriously affect credit ratings.
Free credit checks are available online for anyone seeking to fine tune their rating or to find out why credit may have been refused.
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Debt Management can be the way forward
Despite the number of supermarket deals being at an all time high, are you one of many consumers who’ve been put off spending more because of fears over personal debt.
New figures claims that shoppers are choosing cheaper option on five per cent fewer items than they did during the recession, but are still considerable thriftier than before the credit crunch.
It comes as a study by the British Retail Consortium claimed that anxiety over personal debt and economic downturn has bumped up the number of savers to a five year high.
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Debt: Barclaycard writes off bad debt
If you’re struggling with unmanageable credit card debts you’re not alone.
A record number of Barclay’s credit cards customers went bust last year, resulting in Britain’s biggest credit card provider writing off £1.8 billion of bad debt.
Barclays aren’t the only ones in this situation; analysts believe the total UK credit card debt written off this year could be as much as £5 billion.
The Mail reports that the increase in bad debts has been used by banks to justify the hike in card interest rates.
The paper goes onto say that the combination of reckless lending and a ’spend now pay later’ attitude has left the country owing more than £54 billion on plastic.
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Credit card debt soars high by interest rates
Millions of credit card customers could be facing debts they simply can’t cope with, as banks put up interest rates to their highest in 12 years.
Paying for anything on plastic will now cost you nearly 25 per cent more than it did four years ago, with almost seven million customers seeing their rates bumped up over the past year.
That’s according to new figures which reflect the ever increasing squeeze on household finances, with nearly 20 per cent of credit card holder in the UK reaching for the plastic at least once a day.
A further two in five use their card to buy even basic items such as food and petrol and lenders have been accused of ’sticking the knife in’ on households who are already struggling to cope, despite rate hikes.
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Debt advice is the best step forward.
Personal debt in the UK is still a growing problem, with credit card debts soaring. That’s according to new figures released by Credit Action, which says our collective personal credit card debt in the UK hovering at £54.5 billion, which stands at around just over £5 per person. APACS figures also claim that since 2008 there are more credit cards in the UK than people. This has lead experts to believe that as our reliance on credit increases, so will the number of people seeking credit card debt consolidation or restructuring of some kind.
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Government debt solutions who gets your vote
According to a new study the amount of people struggling with serious debt problems in the UK could be larger than first thought. That’s according to new research by the Conservative Party which suggests that under a Labour government; around 800,000 people have been declared insolvent. Before the third quarter of 1997, 400,000 personal insolvencies were recorded in England and Wales. These figures come as reports from the IMF warn that the level of personal debt in the UK could hold back the chances of an economic recovery.
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Check your credit file is up to date
Consumers could be getting turned down for credit cards, bank accounts and mortgages because their credit reference file’s out of date or inaccurate. That’s according to the Information Commissioner’s Office who are urging people to make sure their credit rating’s fair. David Smith, Deputy Commissioner of the ICO, says “Many of us will be relying on credit to get us through 2010. “Out of date or wrong information in your credit file might not only stop you getting the credit you need but could have further damaging or embarrassing consequences.” Credit card companies and other lenders use the information on the credit reference file to decide whether potential customers have the ability to repay. Under the Data Protection Act everyone has the right to get hold of a copy, which can be done by writing to credit reference agencies and enclosing a small fee.
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Loan demand down as people clear debts
More of us are paying off our debts and saving during the economic downturn. Figures from the British Bankers Association showed that the number of people applying for credit has fallen by 2.2% over the last year. The number of people saving their cash has gone up 3.2% in that time. Meanwhile mortgage lending has also risen by 4.7% since last year.44,713 were approved for house purchase in November which is a similar number to those approved two years ago.
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Debt advice for Brits this Christmas
More and more people could find debt management a challenge this Christmas, it’s been claimed. Brits might find keeping on top of mortgages and credit cards a burden in the run-up to the festive season according to a debt adviser. The National Debtline service received 23 per cent more calls in the first ten months of 2009 compared to the same period in 2008. But it’s claimed this Christmas will be the organisation’s “busiest on record”. People worried about how they’ll manage current accounts and finances should seek help as soon as they face debt difficulties.
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Debt preventing young adults from fleeing the nest require debt solutions
More and more young people – especially men – in their 20s and early 30s are living at home with their parents, according to the Office for National Statistics. The study found that this is partly due to rising levels of student debt – and that more people in these age groups are living at home with their parents than at any point in the past 20 years. Around a third of young adults are still with the folks because they can’t get on the property ladder, according to the report. But not everyone has the option of living with their parents
