News Tag: Credit Action
March 17, 2010
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 ...
Government should act tough on credit cards
by David Masters
September 15, 2009
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 ...
Stranglehold of debt to continue
by David Masters
August 21, 2009
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 ...
Student loans encourage culture of debt
by David Masters
July 2, 2009
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 ...
Debt mountain grows to £1.46 trillion
by David Masters
January 27, 2009
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 ...
Payday loans deemed most expensive forms of loan
by Kay Murchie
January 20, 2009
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 ...
Debt consolidation could save UK £20 billion
by David Masters
October 17, 2008
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 ...
Northern Rock twice as likely to repossess
by Gill Montia
