Tag: interest payments

UK households falling deeper into debt

UK households falling deeper into debt

UK households will find it increasingly difficult to service their debts in the coming years, according to a report by debt charity, Consumer Credit Counselling Service (CCCS). According to the charity’s research, an average of more than 23 per cent of households’ disposable income went towards interest payments on loans at the end of 2011. [...]

Moneyfacts reveals best performing ISAs

Moneyfacts reveals best performing ISAs

Moneyfacts.co.uk has revealed the top performing cash ISAs during 2008-09. “Unsurprisingly it was fixed rate cash ISAs that yielded some of the top returns,” said Michelle Slade, Moneyfacts.co.uk analyst. Alliance and Leicester’s (A&L) Premier ISA took first place, adding £327.37 to a £3,600 investment made on 6 April 2008. However, to qualify for the Premier [...]

Britain needs 83 days to pay interest on debt

Britain needs 83 days to pay interest on debt

British workers can today start reducing their personal debt as it will have taken them until yesterday to pay back the interest. Personal debt is so high in Britain that it would take the whole country 83 working days - or 1st January to 25th March - just to fund the interest payments. Total debt [...]

Brits ‘needlessly’ pay £9bn in credit card interest

Brits ‘needlessly’ pay £9bn in credit card interest

Credit card holders in the UK are needlessly paying out over £9 billion in interest payments every year. Research by Abbey credit cards found that many card holders are paying interest on their credit balance when they could save significant money by switching to an interest free credit card. Seven in ten (69%) Brits have [...]