In the last year, more than three quarters of a million people have missed one or more mortgage payments. So says the national charity, Citizens Advice which is concerned that rising inflation is likely to lead to further rate increases thus exacerbating the situation. After all, missed mortgage payments ultimately lead to repossession.
Tag: Debt
Motley Fool: Next’s Buyback Boo Boo
The high street is suffering. Retailer after retailer is struggling to maintain profits; Britain’s over-indebted consumers just don’t seem to be able to spend any more. Some retailers are doing better than others, however.
Motley Fool: Are We Deliberately Driven To Bankruptcy?
Oooh conspiracy! Is it possible that the government has a deliberate policy of encouraging people to spend more than they earn? The signs could certainly be explained in that way. They’ve allowed mortgage companies to gradually relax their lending criteria in all sorts of ways, they don’t force lenders to assess income before they provide unsecured loans or credit cards and, in 2004, they relaxed the bankruptcy laws so that people can wipe clean their debts and be discharged from bankruptcy in just three to twelve months. You could even argue that the government’s failure to educate people about saving, investing and the dangers of debt is all part of the master plan.
MoneyExpert: HSBC Announces Clampdown On Overdraft Borrowing
HSBC has announced that it is to launch an “annual review” of all customers’ overdrafts to clampdown on customers routinely borrowing over their limit.
Scotsman: Debt Conditions ‘set To Worsen’
CONSUMERS could miss out on favourable conditions for dealing with debt if they don’t act soon, a leading Scottish debt expert warned today.
Motley Fool: The Student Credit Card Guide
Hear ye all students! Use your student loan wisely. Try reigning in your spending and get a part-time job. Look for interest-free overdrafts and borrow from your parents. This is the Foolish way. If, however, you have absolutely no alternative but to get a credit card, you’ll need to understand which is the best for your needs. Don’t just go to your bank, as they probably won’t have the right deal for you. You should compare credit cards, or, as we more truthfully prefer to call them, debt cards. Here are some ideas:
Motley Fool: Get Ready For The Banking Wars!
Last week, in Bad News On Overdrafts, I revealed that three banks (Lloyds TSB, NatWest and Smile) increased their overdraft interest rates from 1 September by as much as 2.5% a year.
Motley Fool: Ten Tricks To Boost Your Savings
We Brits have become enthusiastic borrowers in recent years. Indeed, our personal debt (including mortgages) has grown by 9% a year over the last thirteen years. Alas, we haven’t done quite so well when it comes to saving. According to the Bank of England, since the end of 1997, our savings have increased by an average of 7.5% a year.
Motley Fool: My Favourite Student Bank Account
So you’re about to go to university and you’re hunting around for a good student bank account. If you can get to grips with your finances right from the start, you won’t regret it in future years, as I’m sure many, many debt-laden post-grads could tell you. The less debt you have when you finish, the faster you can pay it off and start saving that deposit for a house.
MoneyExpert: CCJ Map Of UK Revealed
An average of two CCJs were registered for every 100 adults in England and Wales over the past year says new research – but this is as much as three times higher in some areas.