Latest Debt News
The latest news on consumer debt:
February 19, 2010
Despite calls from leading business groups to take urgent action with regard to spending cuts, Chancellor Alistair Darling, has received support to delay cuts until 2011.
According to David Kern at the British Chambers of Commerce, the UK’s credit rating is being put at risk by the Government’s failure to act more quickly.
However, over 60 senior economists have signed two open ...
Senior economists support delay in spending cuts
by Kay Murchie
February 18, 2010
The Office for National Statistics (ONS) has today revealed that the UK’s public finances deteriorated last month with net borrowing at £4.3 billion.
January is traditionally a strong month for tax receipts - due to income and corporation tax, according to the ONS.
However, tax income was lower than expected and it is the first borrowing figure for the month of January since ...
UK finances deteriorate further in January
by Kay Murchie
February 17, 2010
Over 14 million Brits are using credit cards to fund everyday expenses, according to research by moneysupermarket.com.
The price comparison site said the reliance on debt to pay for day-to-day purchases is a "worrying trend".
Purchasing goods online is the most popular use of credit cards, with 56% of credit card holders using their card for internet shopping.
Two in five (40%) credit card holders use their card for day-to-day ...
Brits in “dangerous habit” of relying on credit
by David Masters
February 16, 2010
New research has revealed that millions of credit card holders could face severe debts after card providers have put interest rates up to a 12-year high.
The Bank of England’s base rate has been at the historically low rate of 0.5% for almost a year but despite this, average credit card interest rates have risen to over 18% - the ...
Credit card interest rates soar to 12-year high
by Kay Murchie
February 15, 2010
Greece clashed with the European Commission in Brussels today over its tough austerity measures, which will see the debt-stricken economy tackle its spiralling debts.
Prior to a meeting with euro zone finance ministers in Brussels today, Greece’s Finance Minister, George Papaconstantinou, said the EU needed to show more support to Greece instead of questioning its measures.
Mr Papaconstantinou said: "We're trying ...
Greece clashes with EU over austerity measures
by Kay Murchie
February 12, 2010
The International Monetary Fund (IMF) has today pledged its support for Greece after yesterday’s declaration from the European Union, which will see the debt-stricken economy tackle its spiralling debts.
“We stand willing and able to support Greece in ways that the Greek authorities think is appropriate," IMF First Deputy Managing Director John Lipsky told reporters on the sidelines of an international ...
IMF lends its support for Greece
by Kay Murchie
February 11, 2010
After the summit meeting in Brussels today, EU leaders have agreed to work with Greece to tackle its spiralling debts.
Last week, the Greek Government announced tough austerity measures to tackle the country’s spiralling debt.
The country’s runaway budget deficit is currently more than four times the EU limit of 3%. It currently has the highest debt of the 16-member ...
EU agrees to work with Greece over debts
by Kay Murchie
Greece’s woes continue as unemployment rate hits 10.6%
by Kay Murchie
February 9, 2010
Debt advice charities are struggling to cope with high levels of consumer inquiries about debt management, according to a new report from the National Audit Office.
At least two debt agencies are refusing to take on any new clients, the National Audit Office found, while others have waiting lists of up to six weeks for borrowers seeking a face to face meeting ...
Debt advice charities overwhelmed with inquiries
by David Masters
February 8, 2010
Greek unions have today vowed to strike on Wednesday to protest against the Government’s austerity measures.
Last week, Greek Prime Minister, George Papandreou, announced tough austerity measures to tackle the country’s spiralling debt. Measures include a public sector pay freeze, a hike in taxes and an increase to the retirement age.
Spyros Papaspyros, president of the ADEDY public sector union, ...
Greek unions prepare for 24-hour strike amid austerity measures
by Kay Murchie
Sterling falls against dollar over euro zone debt fears
by Kay Murchie
Ex-IMF economist warns on UK debt
by Kay Murchie
February 5, 2010
Figures from the Insolvency Service today highlighted the impact that the recession has had on many individuals.
According to the organisation, the number of people declared insolvent in England and Wales reached a record high in the last three months of 2009.
There were 35,574 people declared insolvent in the last three months of the year - a rise of 24.9% on ...
Personal insolvency figures soar in fourth quarter
by Kay Murchie
European debt fears send Asian stocks down
by Kay Murchie
February 3, 2010
The European Commission has met today to discuss Greece’s tough austerity measures which will see the weakest economy of the euro zone tackle its spiralling debt.
The Commission confirmed it will support the country’s plans which include a public sector pay freeze and a hike in fuel taxes.
However, the European Commission will closely monitor progress and has demanded an interim report by ...
European Commission confirms support for Greece
by Kay Murchie
IFS issues caution to Government in its quest to repair public finances
by Kay Murchie
Think tank warns Government to control spending
by Kay Murchie
February 1, 2010
Figures from the Bank of England today revealed that new borrowing on credit cards, loans and overdrafts rose for the first time since June 2009.
Consumer credit rose £52 million in December, which surprised analysts who had expected a £400 million fall.
For the first time since June, borrowing outstripped the amount being paid back by UK consumers.
This was primarily due to ...
Credit card borrowing soars in December
by Kay Murchie
January 22, 2010
TV adverts offering people the chance to sell their unwanted gold by post are paying "shockingly low rates", an investigation by consumer advice group Which? has found.
Cash-for-gold firms advertising on TV pay an average of just 6% the new retail value of gold, Which? discovered.
CashMyGold gave the lowest quote of all, offering £6.43 for a gold bracelet worth £115, ...
Beware the TV gold scammers, warns Which?
by David Masters
January 21, 2010
The Office for National Statistics (ONS) has today revealed that the UK’s public sector borrowing hit another record high of £15.7 billion in December.
While the figure was less than the £18.75 billion analysts had expected, it was still the highest December figure on record.
Overall debt now stands at £870 billion - the equivalent of 61.7% of GDP - the ...
UK’s public sector borrowing continues to soar
by Kay Murchie
