Research by unbiased.co.uk has shown that 2010 was a record year for UK borrowers repaying their debts. In total just over £12 billion of debt was repaid last year. Unbiased.co.uk’s research revealed that during the final quarter of 2010 borrowers paid back 14 pence of debt for every pound saved. In the first quarter of [...]
Posts Tagged ‘consumer debt’
Personal insolvencies hit peak
The number of personal insolvency declarations reached an all time peak in 2010. The Insolvency Service reveals that there were 135,089 separate cases of people declaring themselves insolvent last year. This is the highest figure since the beginning of such records, dating back to 1960. The figure refers to insolvencies in England and Wales. Although [...]
Pay freezes leave consumers out of pocket
Will pay match new inflation rates? With the inflation rate rising to 3.7% on everyday goods, many industries have been involved in disputes over attempts to enforce payment freezes. Many argue that freezes on payment, coupled with inflation of rates on goods will leave them out of pocket, and their salaries don’t recognise the rise [...]
Ten million families say they struggle paying their bills
Millions of UK households are struggling to pay their bills – and the number is likely to increase in the new year, according to analysis from the Bank of England. The report shows that as many as two fifths of families are having trouble in meeting their monthly bills and more than half regard their [...]
Homeowners at risk over £600 debts
Peoples homes are being put at risk over debts as low as £600 according to the Office of Fair Trading (OFT). The OFT has found that some lenders have been telling their customers to pledge their homes against non-mortgage debt before using charging orders to recoup the money. Charging orders are a legal way for [...]
UK Savers Dealing With Debts First
With interest rates remaining low people in the UK are continuing to pay off their debts rather than add to their savings. This is according to new research by Markit. The Markit figures demonstrate that fears over potential tough economic times ahead has meant that people are prioritising paying off their debts. Current record low [...]
1.2 Million People Using Payday Loans
The number of people in the UK taking out payday loans has quadrupled since 1996. This is despite some companies charging interest rates as high as 2,500% a year. With these high interests in mind there have been calls for the industry to bring in more safeguards to protect vulnerable lenders. These figures on payday [...]
Personal Insolvency Cases Drop 3 Percent
The number of people declaring insolvency in England and Wales has dropped for the first time since 2007. In the second quarter of this year (April-June) there were 34,743 personal insolvencies, a drop of 3% on the first quarter of 2010. However with insolvencies reaching a record high at the start of this year it [...]
Brits Changing Shopping Habits to Cut Costs
Over 80 percent of UK shoppers have changed the way they shop in an attempt to cut costs and reduce debt. This is the conculsion of a study by banking group Santander who looked into how the shopping habits of the UK public have changed during the current economic crisis. According to the research over [...]
Solving Debt Problems – What are your options?
With latest statistics showing average household debt in the UK reaching as high as £8,716 (excluding mortgages) it is perhaps of no surprise that more and more people are facing up to financial difiiculties. Currently rates show that someone will be declared insolvent or bankrupt every 51 seconds! Fortunately if you are having trouble keeping [...]