Tag: debts

Greek parliament approves fresh austerity measures

Greek parliament approves fresh austerity measures

Greece’s parliament has today approved the fresh round of austerity measures – designed to save the country from defaulting on its debts. The measures were one of the conditions of the next instalment of its bailout loan. MPs passed the measures by 155 votes to 138. The latest austerity measures will according to Prime Minister [...]

June 29, 2011 | 0 Comments More
Euro zone interest rates on hold at 1%

Euro zone interest rates on hold at 1%

As widely expected, the European Central Bank (ECB) today elected to keep interest rates on hold at the record low of 1% for the 20th consecutive month. Rates are expected to be kept on hold for the medium-term at least to boost the area’s economic recovery. However, there are still fears that the debt crisis [...]

January 13, 2011 | 0 Comments More
DWP urged to improve efforts to recover benefit overpayments

DWP urged to improve efforts to recover benefit overpayments

A report has found benefit claimants owe a staggering £1.85 billion in overpayments but less than £300 million a year is being recouped. As a result, the public accounts committee is calling for the Department for Work and Pensions (DWP) to step up its efforts to recovery the monies. According to the report, over 30,000 [...]

March 17, 2010 | 0 Comments More
Portsmouth FC to enter administration

Portsmouth FC to enter administration

Portsmouth Football Club is to enter administration today as the Premier League side struggles under a mountain of debt totalling £60 million - including more than £12 million owed in tax to HM Revenue and Customs. The club has failed to attract a buyer and the process of administration means it will immediately be docked [...]

February 26, 2010 | 0 Comments More
Brits work 50 days to pay off interest on debts

Brits work 50 days to pay off interest on debts

Brits effectively spend 50 days earnings a year paying off interest on their debts, according to research by unbiased.co.uk. “As a nation we will spend the first 50 days of 2010 just to earn enough money to pay off the interest on our debts,” the financial advice site said. That means it took until Saturday [...]

February 23, 2010 | 0 Comments More
Credit card interest rates soar to 12-year high

Credit card interest rates soar to 12-year high

New research has revealed that millions of credit card holders could face severe debts after card providers have put interest rates up to a 12-year high. The Bank of England’s base rate has been at the historically low rate of 0.5% for almost a year but despite this, average credit card interest rates have risen [...]

February 16, 2010 | 0 Comments More
EU agrees to work with Greece over debts

EU agrees to work with Greece over debts

After the summit meeting in Brussels today, EU leaders have agreed to work with Greece to tackle its spiralling debts. Last week, the Greek Government announced tough austerity measures to tackle the country’s spiralling debt. The country’s runaway budget deficit is currently more than four times the EU limit of 3%. It currently has the [...]

February 11, 2010 | 0 Comments More
Japan Airlines files for bankruptcy

Japan Airlines files for bankruptcy

As expected, Japan Airlines (JAL) has today filed for bankruptcy protection. The airline, which is Asia’s biggest carrier, has been struggling amid the global economic downturn and has been grappling with a mountain of debts of around $16.5 billion (£10 billion). The Japanese Government has said that flights will operate as normal and the airline [...]

January 19, 2010 | 0 Comments More
One million use credit cards pay mortgage or rent

One million use credit cards pay mortgage or rent

New research from Shelter suggests that in the past year, up to one million UK households have used credit cards to pay the mortgage or rent. According to the housing charity, the findings present a disturbing picture of up to a million people taking “desperate measures” to keep the roofs over their heads. The highest [...]

January 11, 2010 | 0 Comments More
Nationwide introduces low personal loan rates

Nationwide introduces low personal loan rates

Those wishing to consolidate their dates after the expensive Christmas period may be interested to learn about the Nationwide’s new loan deals, which were launched earlier this week. Nationwide has introduced a new personal loan rate of 7.6% APR typical for loans of between £7,500 and £14,999 for up to five years for its main [...]

January 7, 2010 | 0 Comments More
Consumer anger as cheapest credit card debts paid off first

Consumer anger as cheapest credit card debts paid off first

The Government recently unveiled plans to crackdown on credit card and store companies, which will see a change in the order of priority for credit card repayments, so that the most expensive debts are paid off first. The proposals are being put out to consultation by the Department for Business Innovation and Skills (BIS). The [...]

December 15, 2009 | 0 Comments More
HSBC profits hit by rising bad debts

HSBC profits hit by rising bad debts

Banking giant HSBC, which has so far turned down financial help from the Government, has today announced that first-half profit has fallen 51% to $5 billion (£2.98 billion) compared with the same period a year ago. The bank, which is Europe’s largest, said it was hit by rising bad debts in the USA, Europe and [...]

August 3, 2009 | 0 Comments More