Category: People in Debt
Credit Cards Can Easily Send You Spiralling Into Debt
Credit cards have their uses but spending on them can easily lead to severe debt, an expert has warned. Spokesman for Candidmoney.com Justin Modray noted that using a card can have advantages for those able to pay back anything owed in full each month, while items worth over £100 bought on plastic are covered under [...]
Japan’s Credit Rating Downgraded Due To World Debt Crisis
Japan had its credit rating downgraded yesterday as it became the latest developed economy to fall foul of ballooning debts. Ratings agency Moody’s cut the world’s third biggest economy by one notch to AA3, less than a month after the U.S. was stripped of its gold-plated AAA rating. It raised fears that further downgrades – [...]
UK Economy – Safety-first Approach As Demands For Borrowing Falls Short
Outstanding debt on consumer overdrafts and personal loans, at £52bn, was at its lowest for 10 years, the British Bankers’ Association (BBA) said.However, there was a slight rise in the number of mortgages approved in July. Among businesses, the banks said that debt repayments by companies were outstripping new loans. Cutting debt The figures suggested [...]
Britain’s Pension Schemes Meltdown
Fund managers taking risks with the hard-earned investments of millions of workers were blamed for piling on the misery for those in retirement. The shortfall in funds is already seen as a national crisis in the UK as more people live longer. But with the eurozone debt worsening, plunging share prices and tumbling bond yields [...]
Royal Bank of Scotland Blocks Customers From Using Rivals ATMs
Fears of a cash machine war have grown after Royal Bank of Scotland blocked thousands of customers from using rivals’ ATMs. Customers of RBS and subsidiary NatWest who have no-frills basic bank accounts will be able to draw cash only from the bank’s own machines. RBS has just over 8,000 cash machines in its network, [...]
Sir James Dyson – Bankers Guilty Of Wrecking The Economy
Bankers are guilty of ‘an extreme perversion of capitalism’, according to Sir James Dyson. The inventor of the bagless vacuum cleaner said significant cultural change was needed to restore the UK’s position as a great manufacturing nation. Sir James said the glorification of the City during the economic boom had an ‘ominous’ effect on British [...]
Average Mortgage Fees Up By 20%
Mortgage fees have rocketed by nearly 20 per cent over the past year, research has revealed. The average arrangement fee has soared to more than £1,000, while the highest such fee is an eye-watering £3,800. Research by mortgage price comparison website Moneyfacts found the average charge has jumped by £151 over the past year to [...]
Debt Woes – 50% Of Individuals Are Worried About Their Debts
Almost half of individuals are concerned about their debts, with credit card debt fears dominating worries for 53 per cent of individuals. The latest results, from the insolvency trade body R3’s Personal Debt Snapshot reveals a 7 per cent rise in debt concern compared to the same time a year ago, according to the quarterly [...]
Middle- Incomers Earners Turning To Payday Loans To Make Ends Meet
Thousands of middle-income earners are turning to backstreet payday loans to make ends meet after being deterred by the High Street banks. Around 57?pc of the customers for one leading payday loan company are people earning between £25,000 and £50,000 — well above the national average wage. They are being forced away from more traditional [...]
Osborne To Unveil The Government’s Growth Strategy.
George Osborne will launch a crackdown on ‘the forces of stagnation’ holding back the economy this autumn after admitting the recovery will be longer and harder than he hoped. The Chancellor will throw down the gauntlet to the trade unions and other pressure groups by vowing to abolish regulations holding back business when he unveils [...]
