Tag: Debt News

Fewer first-time homeowners seeking debt advice

Fewer first-time homeowners seeking debt advice

The number of first-time homeowners in their twenties seeking help from the Credit Counselling Service (CCCS) fell to 3,008 in 2011, from 4,489 in 2009. The charity, which assists people in financial difficulty by providing free debt advice, suggests this is due to low interest rates. The Bank of England’s base rate has been at […]

June 6, 2012 More
MP criticises new payday loan regulations

MP criticises new payday loan regulations

The government has gone some way to stop payday loan customers racking up unmanageable levels of debt, but MP Stella Creasy said the new rules are of ‘limited value’. Trade associations representing around 90 per cent of payday lenders have agreed to introduce new codes of practice by 25 July. Under the new regulations, payday […]

May 28, 2012 More
OFT warns Wonga over debt collection methods

OFT warns Wonga over debt collection methods

Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company […]

May 22, 2012 More
Mothers accumulate debt on maternity leave

Mothers accumulate debt on maternity leave

Three quarters of mums are unprepared for a fall in income while they are on maternity leave and nearly a third go into debt. A study by price comparison site uSwitch.com suggests that the average debt accumulated by mothers while they are on maternity leave is nearly £2,500. As well as facing a 50 per […]

April 20, 2012 More
Debt not serious until it hits £14,000

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’ […]

April 17, 2012 More
70% of UK adults in debt

70% of UK adults in debt

Seven in ten UK adults are in debt but many are choosing to ignore the problem instead of seeking help before it gets out of hand. Research by The Co-operative Bank found that 29 per cent of people refuse to confront their debt problems. Many do not admit that they are in debt until borrowing […]

March 1, 2012 More
Monthly pay lasting just 17 days

Monthly pay lasting just 17 days

Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start […]

February 9, 2012 More
Debt soars for UK families

Debt soars for UK families

The rising cost of essentials such as fuel and food has contributed to a 48 per cent increase in the level of personal debt, according to the latest Aviva Family Finances Report. The average British family now owes around £7,944 in unsecured borrowing, compared with £5,360 a year ago, despite a 7 per cent increase […]

January 26, 2012 More
UK carers struggling to make ends meet

UK carers struggling to make ends meet

Around half of the 6.4 million unpaid carers in the UK are suffering ill-health because of money worries according to Carers UK. A survey of 4250 unpaid carers found that 40 per cent of respondents had fallen into debt because of their caring responsibilities, and 86 per cent of carers in debt suffered mental health […]

December 2, 2011 More
Debt Project wins £250,000 grant

Debt Project wins £250,000 grant

Shelter Cymru has won a £250,000 lottery grant to fund a three-year project to offer debt advice to people in Wales. The Wrexham-based service is expected to help around 200 households a year, in an area where there are high levels of personal debt. The project is expected to open in autumn, providing a range […]

November 9, 2011 More
Japanese economy continues to struggle

Japanese economy continues to struggle

The Cabinet Office has today revealed the world’s third largest economy performed worse than originally thought in the April to June period. Gross Domestic Product (GDP) contracted by 2.1% on an annual basis in the three-month period, compared with an initial estimate of 1.3%. The fall was attributed to a cut back on spending by […]

September 9, 2011 More
US reach agreement on raising US debt ceiling

US reach agreement on raising US debt ceiling

US President Barack Obama has announced Republican and Democratic leaders have come to an agreement on raising the Government debt ceiling to avoid defaulting on its debt. “I want to announce that the leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default, a default that […]

August 1, 2011 More
US economic growth slower in Q2

US economic growth slower in Q2

The Commerce Department has today revealed the world’s largest economy grew by 1.3% on an annual basis in the April to June period. The figure was far short of expectations of a reading of 1.8%. However, today’s reading is the first estimate and could be revised up or down in the coming months. Meanwhile, first […]

July 29, 2011 More
Weak housing market and unemployment drag on US economy

Weak housing market and unemployment drag on US economy

The latest Beige Book report, published by the Federal Reserve, has revealed widespread signs that US economic growth is slowing. The Fed said: “Economic activity continued to grow; however, the pace has moderated in many districts.” The economic recovery of the US remains sluggish in the face of higher unemployment and a depressed housing market, […]

July 28, 2011 More
Italian Senate passes tough budget

Italian Senate passes tough budget

The Italian Senate has today passed a tough austerity budget, which proposes cuts of €48 billion (£42 billion) over the next three years. Senators voted 161 to 135 in favour of the measures. The country’s Finance Minister, Giulio Tremonti, is aiming to cut the deficit to zero by 2014 from this year’s 3.9% of GDP. […]

July 14, 2011 More
Price of gold reaches record high

Price of gold reaches record high

The price of gold rose to an all-time high of $1,589.56 an ounce in early trading today, before falling to $1,584.51. The dollar also fell against the Japanese yen and a weakening US dollar typically results in a rise in the price of gold as the currency generally moves in the opposite direction to the […]

Italy to vote on austerity measures to reduce debt

Italy to vote on austerity measures to reduce debt

In order to avoid a bailout, the Italian senate is set to vote on austerity measures, which proposes cuts of €48 billion (£42 billion) over the next three years. The country’s Finance Minister, Giulio Tremonti, is aiming to cut the deficit to zero by 2014 from this year’s 3.9% of GDP. Mr Tremonti said the […]

Moody’s cuts Irish debt rating as second bailout looms

Moody’s cuts Irish debt rating as second bailout looms

July 13, 2011 More
Report suggests pension age will have to rise to 70

Report suggests pension age will have to rise to 70

A report by accountants PricewaterhouseCoopers (PwC) has waned that the pension age may have to rise to 70 by 2046 in order to deal with Britain’s debts. Current plans introduced by the coalition Government will see the state pension age lifted to 66 for both men and women by 2020. The pension age will then […]

July 6, 2011 More
Moody’s downgrades Portugal’s debt to junk status

Moody’s downgrades Portugal’s debt to junk status