Tag: Debt News

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 | 0 Comments 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 | 0 Comments 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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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, [...]

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. [...]

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

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 [...]

Moody’s downgrades Portugal’s debt to junk status

Moody’s downgrades Portugal’s debt to junk status

IMF downgrades US economic growth

IMF downgrades US economic growth

The International Monetary Fund (IMF) has today downgraded its forecast for the US economy expecting growth of 2.5% this year and 2.7% next year. The forecast for next year is below the Federal Reserve’s prediction of 3.3%. The Washington-based Fund was providing its annual review of the world’s largest economy and is warning the US [...]

European stocks down on Greece loan decision

European stocks down on Greece loan decision

Euro zone finance ministers have failed to reach an agreement on Greece’s next loan instalment of €12 billion, which has sent European stocks down – with banking shares hit hardest. Ministers met in Luxembourg yesterday but delayed their decision on the fifth instalment of Greece’s €110 billion loan until the country introduces further austerity measures. [...]

IMF downgrades Japanese economic growth

IMF downgrades Japanese economic growth

The International Monetary Fund (IMF) has downgraded its growth prospects for the world’s third largest economy. The Fund expects the Japanese economy to contract by 0.7% in 2011, much lower than its previous estimate of 1.4%. The IMF said it lowered its growth forecasts because of March’s earthquake and tsunami. The twin disasters caused billions [...]

Moody’s downgrades Greece credit rating further

Moody’s downgrades Greece credit rating further

Credit rating agency Moody’s has once again cut Greece’s credit rating by three notches into junk territory. The measures come after Moody’s said the country has a 50:50 chance of defaulting on its debts in the next five years. Moody’s said: “The first trigger for today’s downgrade is Moody’s view that Greece is increasingly likely [...]

Greek public deficit reaches 10.5% of GDP

Greek public deficit reaches 10.5% of GDP

According to statistics agency Eurostat, Greece’s public deficit reached 10.5% of GDP at the end of 2010 – higher than the 9.5% forecast. The Greek finance ministry has previously attributed the larger deficit to a deeper than expected recession, which cut into tax revenues and social security contributions. The figures suggest the country continues to [...]

Standard & Poor’s give US negative outlook

Standard & Poor’s give US negative outlook

Standard & Poor’s (S&P) has today lowered the US’ top notch credit rating from stable to negative – suggesting that the rating could be cut within the next two years. The rating agency believes that the Democrats and Republicans will not be able to agree a plan to cut the spiralling US deficit. President Barack [...]