Category: People in Debt
Loans
There are several types of loans available. To name just a few: unsecured loans, secured loans, car loans and debt consolidation loans. A loan is a type of credit – and therefore it must be repaid. Repayments are usually made on a monthly basis, and will continue until the loan (plus any interest) [...]
Analysts Are Counting The Cost Of Eurozone Shrinkage
Economists, banks and even punters in bookmakers are studying more and more seriously scenarios involving the collapse of the eurozone. Maybe not its total evaporation, but certainly shrinkage with peripheral or weak countries falling off the currency’s map and in all cases, according to the experts, with a heavy price to pay. Analysts agree that [...]
CITIGROUP To Cut 4,500 Jobs Globally
CITIGROUP is to cut 4,500 jobs globally, with its London capital markets division shedding dozens of staff. Speaking in New York late on Tuesday, chief executive Vikram Pandit said that the bank has already made $1.4bn in savings this year but needs to respond to slow markets by reducing costs further. City A.M. understands that [...]
HSBC Fined A Whopping £10.5m – Persuades The Elderly To Part With Life Savings
HSBC has been fined a record £10.5million after persuading thousands of vulnerable elderly customers to part with their life savings. The banking giant faces a total payout of £40million in fines and compensation, following the five-year savings product sales campaign by one of its subsidiaries, NHFA. The Financial Services Authority said the bank ‘inappropriately’ advised [...]
Moody’s Warns France Of Possible Credit Rating Risk
An increase in French government borrowing costs, slowing growth and the eurozone debt crisis threaten the country’s top credit-rating, Moody’s ratings agency warned on Monday, adding to market jitters. France is fighting desperately to retain its ‘triple-A’ credit status and has slashed spending and tightened up on tax revenues in an effort to stabilise its [...]
Families Burdened By Soaring Cost Of Living Couple With Debts And Loans
About 52 per cent of families have unsecured debts, including loans, credit cards and overdrafts, which amount to £10,604 on average, according to Aviva. This debt figure is just under half the average annual household income of £23,796. Families are putting aside only about £19 a month in savings after having their budgets squeezed by [...]
IMF – Hong Kong Faces Potential Recession If European Crisis Continues
Hong Kong’s “rapid” credit growth has increased the risk that banks make bad loans as the city faces a potential recession if the European crisis deepens, the International Monetary Fund said. “Credit has been growing at an extraordinary pace, particularly for loans in foreign currency,” the IMF said in a report released today. Such growth [...]
Economic Crisis – China Warns Europe Not To Count On Them For Financial Aid
Hopes that China will ride to the rescue of the single currency were dealt a blow last night after Beijing warned that it will not be Europe’s ‘saviour’. State-run news agency Xinhua said the country cannot ‘provide a cure for the European malaise’. It came after European officials begged China for bailout funds to help [...]
Germans Windfall – £48 Billion “Bonus” Went Undetected Due To Complex Financial System
It is the government equivalent of finding a £10 note down the back of the sofa – a stroke of luck which Chancellor George Osborne would welcome. The Germans are celebrating the discovery of a £48?billion ‘bonus’ lurking undetected in one of its bailed-out banks. The money, which would be enough to build nearly 10,000 [...]
Payday Loans – What We Want vs What We Need
One of the main reasons why many Brits resort to punishingly expensive payday loans is to ensure they don’t ‘miss out on a bargain’, I learned today. Yes, according to payday loan firm Ferratum more and more ‘cash-strapped shopaholics’ are turning to the ‘financial phenomenon’ that is the payday loan to treat themselves to a [...]
