Every year, millions of people in Britain exceed their agreed overdraft limit during the festive period.
Consumers who plan on going overdrawn at the bank this Christmas will face staggering interest charges. Some people will be charged a shocking 46,450,869% APR for using an unauthorised overdraft.
Almost everyone has needed to use a form of credit at [...]
50% of U.K Families Cannot Pay Debts
November 17th, 2010According to new research, over half of families are struggling to pay back their debts in the wake of the recession.
Furthermore, the Bank of England has warned that the general cost of living is set to rise again, leaving many people panicked about paying their bills.
The Bank’s Governor, Mervyn King, blamed rising fuel prices, soaring [...]
Young Britons Set To Rack Up Debts This Christmas
November 10th, 2010A new study conducted by The Co-Operative Group has found that young people under the age of 35 are willing to risk getting into financial difficulty by borrowing substantial amounts of money over the Christmas period.
The study revealed that young U.K citizens feel under pressure to make sure they can afford gifts, decorations, food and [...]
The Best Debt Management Advice Around
November 3rd, 2010 With the current economic climate, personal debt has become a big problem for a lot of people. Utility bills, food and childcare costs are all rising in price and if you add juggling credit card and loan repayments into the mix, it’s a recipe for disaster if keeping up with each bill is a strain.
Living [...]
7 Million Brits Are ‘Shopaholics’
October 27th, 2010According to new reports, 4 million U.K women are ‘shopaholics’, with each owing £3,400 on average. This equates to 1 in 6 British women.
This new report discovered that more and more women are finding themselves in a financial crisis as their spending has become out of control. The main reason for women running up debts [...]
Reduction In Income Is Main Reason For Debt Problems
October 20th, 2010According to new figures released by a debt solutions company, the number one cause of debt problems in the U.K is a loss in monthly income.
More than 4,500 people were surveyed between March and September 2010. The results revealed that more than 1/3 of people who sought debt advice during this period cited a loss [...]
Elderly Citizens Drowning In Debt
October 13th, 2010 New research has found that thousands of pensioners are drowning in debt, with a large number owing in excess of £50,000.
Insolvency experts said ‘unscrupulous’ lending by credit companies is resulting in pensioners being able to borrow large amounts of money that they cannot realistically pay back.
NancollasGreer, a debt advice company, said that of those who approached them, [...]
Mortgage Arrears On The Rise
October 6th, 2010New research shows that mortgage arrears are on the rise in the UK with a record number of people falling behind with their monthly mortgage repayments.Â
At a tough time for the economy, more and more people are affected by the credit crisis, which means struggling on and trying to retain enough money each month to [...]
¼ of Brits Cannot Live Without Overdraft
September 29th, 2010According to new research conducted in September 2010 by Groupola.com, 25% of U.K residents feel they cannot survive without their overdraft facility, and 18% say they are constantly overdrawn at the bank.Â
This latest information comes as no shock to most people, as the recession has hit everybody hard in recent years. But at a time [...]
1.4 Million Brits Stung By Huge Tax Bill After HMRC Blunder
September 22nd, 2010As a result of the recent tax blunder at HMRC, a total of 1.4 million workers in the U.K will be hit with an unexpected tax bill in the coming weeks. The average owed amount per person being £1,428.
This devastating mistake came about when HMRC merged its 12 year old computer system with a newer [...]