April 2010

British Consumers Hiding £55 Billion Debt

We were interested to read the research recently published by the Post Office, which claims that UK consumers are hiding £55 billion worth of debt from friends and family.

According to the research, one fifth of the population are not telling their partner the truth about how much they owe, with one third keeping it from their family and one in eight turning to alcohol to cope with their debt secrets.

Call For Government Debt Advice Strategy Overhaul

A damning report into the failings of the Government’s multi-million pound debt advice strategy has highlighted the need for a new approach in tackling the UK’s consumer debt crisis.

As a national debt charity that has demonstrated the benefits of sustainable, self-funded debt advice, which does not rely on public funding, Debt Advice Foundation is calling on the Government to rethink its initiative.

Government Debt Advice Strategy Branded A 'Failure'

The management of the government's strategy for helping people in debt has been branded a "complete failure" by a committee of MPs.

The Public Accounts Committee said 51 different projects since 2004 had been uncoordinated, with no-one in charge.

Household Debt Continues To Rise

Britons now owe more money than the value of the entire country’s annual produce according to the latest figures from Credit Action. Average UK household debt including mortgages, is now £58,083.The typical adult owes £30,328 including repayments on their home - 132% of average earnings.

Debt Charity Urges Brits To ‘Spring Clean’ Their Finances

Debt Advice Foundation, a national debt charity, finds that people often fall into the pitfalls of debt because of money management issues – and is therefore calling on people to spare some time for their finances.