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News Tag: Credit Action

July 3, 2012

Bank of England reports increase in personal debt

by Jan Harris
Bank of England reports increase in personal debt
Bank of England figures for May show an increase in consumer debt, with new unsecured borrowing £732m higher than repayments. This represents a substantial increase from the average of the past six months of £403m. Borrowing through loans and overdrafts increased sharply in May according to the Bank’s figures. However credit card borrowing increased by just £70m. The Bank of England’s ...




April 17, 2012

Debt not serious until it hits £14,000

by Jan Harris
Debt not serious until it hits £14,000
Brits don’t consider themselves in serious debt until they owe more than £14,416 according to insurance company Bright Grey. Although this may sound excessive, it reflect a significant improvement from a year ago when £15,837 was the point at which people started to consider them themselves in serious financial difficulty. Bright Grey’s ‘financial safety net’ report highlighted a significant change ...




January 13, 2012

One person per minute declared bankrupt

by Jan Harris
One person per minute declared bankrupt
National money education charity Credit Action today revealed that one person is declared insolvent or bankrupt every 60 seconds during the working week. Based on statistics gathered in the third quarter of 2011, the charity estimates that 331 people are made insolvent or bankrupt every working day and 101 properties are repossessed every day. The current high level of unemployment is ...




March 17, 2010

Government should act tough on credit cards

by David Masters
Government should act tough on credit cards
New government legislation on credit card debt does not go nearly far enough, the director of a financial management charity has claimed. Chris Tapp, director of Credit Action, said new laws that stop credit card providers increasing interest rates and limits on credit cards are merely "a baby step in the right direction". Prime Minister Gordon Brown said the new laws will ...




September 15, 2009

Stranglehold of debt to continue

by David Masters
”Stranglehold
The stranglehold of debt on UK consumers is likely to continue for a "long time", an industry expert has claimed. Chris Tapp, director of Credit Action, said the financial crisis has left a rising number of people struggling to keep up with loan and credit card repayments. Increasing unemployment has become "a real source of debt problems because it impacts on people's income so ...




August 21, 2009

Student loans encourage culture of debt

by David Masters
”Student
Students are racking up crippling debts because they're not being taught the difference between student loans and other forms of credit, a financial education charity warned this week. Chris Tapp, director of Credit Action, said because it's "basically impossible" to get into difficulties with student loans, students are given the message that it’s fine to be in debt. Tapp believes students should be ...




July 2, 2009

Debt mountain grows to £1.46 trillion

by David Masters
Debt mountain grows to £1.46 trillion
Britain's mountain of debt continues to grow, with the average adult now owing 132% of their typical earnings. Collectively, UK consumers owe £1.459 trillion, Credit Action revealed this week, equivalent to £30,480 per person. Personal debt on credit cards, store cards, overdrafts, and unsecured loans is also on the rise, increasing to £4,860 per person during the month of May. The pace at which ...




January 27, 2009

Payday loans deemed most expensive forms of loan

by Kay Mitchell
”Payday
Research from price comparison service, uSwitch.com, has found that while Payday loans may offer quick and easy cash, they are one of the most expensive forms of loans in the UK, with some APRs of up to 9889.3%. According to uSwitch.com, a consumer taking out a payday loan of £750 could end up owing £1,687.50 if they defer repayments for ...




January 20, 2009

Debt consolidation could save UK £20 billion

by David Masters
Debt consolidation could save UK £20 billion
Better debt management could save Brits up to £20 billion, according to price comparison site uSwitch.com. With total personal debt across the nation at £1.45 trillion, borrowers in the UK pay out £98 billion in interest every year. New research by uSwitch found that debt consolidation would save the UK £20 billion in interest payments, with the average household saving over £800 ...




October 17, 2008

Northern Rock twice as likely to repossess

by Gill Montia
Northern Rock twice as likely to repossess
Credit Action is claiming that Northern Rock's level of repossessions is twice that of its rivals. The debt charity is calling on the Treasury to intervene and insist that the nationalised lender responds more sympathetically to borrowers who fall behind with their mortgage repayments. It would like the bank to introduce mortgage payment holidays to help struggling homeowners and to act less ...