Debt and money worries may be fuelling a rise in depression in England. According to data obtained by the BBC, prescriptions for anti-depressant drugs such as Prozac have risen by over 40% in the last four years. Additionally doctors and charities are increasingly being contacted by people struggling with financial worries. Head of the Royal [...]
Posts Tagged ‘debt’
Personal debt repayments reach record high
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 [...]
£150m wasted on credit card charges
In a survey conducted by confused.com, it has been revealed that a combined total sum of £150 million is being overspent on tardy payments by holders of credit cards. The late payments incur charges, meaning that many credit card users are actually making payments of a sum much higher than is necessary. It has emerged [...]
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 [...]
Demand for mortgages decrease as home repossessions rise
In the latest data released by the Council of Mortgage Lenders (CML), it has emerged that the number of mortgage advances decreased last month, by 6%. The amount advanced, in excess of £11bn, was even lower than in December of the preceding year, by 18%. The figures from the end of last year are the [...]
Further tax discrepancies announced
A recent recalculation of 2007-08 PAYE codes will result in many having to pay extra income tax. In September last year, six million UK citizens were advised to change their payments for 2008-09 and 2009-10. The government revealed an additional amount will be rendered from a further 450,000 people, although 250,000 state pensioners will see [...]
Six Million Carry Long Term Credit Card Debts
Over six million UK credit card users have had an outstanding balance on their card for a year or more according to research carried out by moneysupermarket.com. In the survey 14% of respondents stated that they have had debt on their credit card for a period of more than five years. The research also found [...]
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 [...]