The Committee of Advertising Practice recently revealed new rules to safeguard consumers against claims of ‘free debt management’ where monthly administration fees are charged. Unavoidable costs such as delivery and response expenses are exempt from the claim, however, any organisation charging an administration fee to manage a debt will not in future be able to […]
Read MoreRecent figures published by the Bank of England reveal credit card lenders have written off £2.1bn in the second quarter of 2010, a 62% increase on the first quarter figure of £1.3bn. The yearly figure is expected to exceed the total amount of credit card debt written off last year of £4.1bn.
Read MoreCitizens Advice Bureau has recently published figures indicating those seeking debt advice on priority debts such as council tax have significantly increased. The figures show enquiries about water supply debts are up 18% on last year in addition council tax and telephone debt enquiries both increased 7% on last year’s results.
Read MoreUnbiased.co.uk has revealed that consumers are changing their attitude to borrowing and saving in response to the final pressures of the recession. The report revealed that in the second quarter of 2010 consumers paid off 7 pence of debt for every pound saved, which was in contrast with the first quarter of 2009 where consumers […]
Read MoreThe International Monetary Fund (IMF) has revealed that the UK’s gross debt is likely to increase significantly as a proportion of GDP over the next 5 years. The report revealed that the UK’s Debt to GDP figures could rise as high as 96% by 2015, which is double what it was in 2007.Debt advice charities […]
Read MoreStudent guide Push has published figures revealing that students entering University will on average leave with £25,000 of debt. This comes as competition for university places is at an all time high and those leaving university face an uncertain future with 69 applicants now being reported for every graduate job.
Read MoreThe Call Credit Information group has reported that 69% of all those who experienced financial strain have never contacted their bank or building society. In addition 42% of consumers surveyed did not admit to financial problems and only 8% contacted their local Citizens Advice or a debt advice Charity for assistance.
Read MoreRecent figures from the Finance & Leasing Association show that consumers are becoming increasingly reluctant to take out additional credit. The report revealed that credit card and store card borrowing in July was down 9% and 24% respectively year on year, indicating that consumers remain uncertain over whether the economy is in the midst of […]
Read MoreDebt Advice Foundation is urging women with debt problems to seek help and advice, after new figures revealed the number of insolvencies among females in the UK has soared over the past decade. Research by the Insolvency Service shows that the number of women being declared bankrupt increased from 6,042 in 2000, to almost 30,000 […]
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