‘Debt’ News
Create a Budget to Clean Up Finances
Posted 2008-01-10
A year-long budget that includes all annual expenses might help Britons who resolved to gain control of their finances this year. The Consumer Credit Counseling Service (CCCS) advises people to plan ahead to cover regular expenses throughout the year. People who take the time to write down a budget for every month of the year will benefit, says Frances Walker, a spokesperson for the CCCS. The exercise will let them identify ways to maximize the money at their disposal. If people are using more than 20 percent of their annual income to make repayments on loans, they have borrowed too much, says Ms. Walker. A debt consolidation loan with a single monthly payment may help remedy this situation. Data collected by Credit Action indicates that debt in the UK amounts to £1,400 billion. ...
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Millions of Bills Not Paid in 2007
Posted 2008-01-9
Many families felt the pinch of tighter budgets last year and consequently did not pay all their bills, according to recent research. The most frequently overlooked of all household bills was the council tax. Research conducted on behalf of...
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Potential for Increase in Personal Insolvency
Posted 2008-01-6
Predictions that personal insolvencies could increase this year may be accurate, according to one industry expert. The number of persons declaring themselves insolvent in 2008 is likely to rise, says James Falla, director of advice service Thomas Charles & Co., proving experts right. Rising debt levels have gained wide attention recently. Mr. Falla points to data collected by KPMG that suggests a 30 percent increase in the number of personal insolvencies this year. Mr. Falla points out that personal insolvency may take one of three forms: bankruptcy, individual voluntary arrangements (IVA), or informal debt management plans. While it is possible to find statistics on bankruptcy and IVAs, data about informal debt management plans is not available. Some people trying pay back loans may find an answer in debt consolidation loans, according to the price comparison firm uSwitch. ...
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Limited Growth in Credit Seen
Posted 2008-01-3
One-quarter of 16- to 44-year-olds surveyed by uSwitch admitted that they were concerned about paying bills that will come due in the New Year. The study, funded by the Financial Services Authority (FSA), found that more than 50 percent of...
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Bankruptcy Looms for Many
Posted 2008-01-2
High expenditures during the holiday season will lead an estimated 130,000 people to bankruptcy, according to accounting firm KPMG. The figure for 2007 was slightly less than 110,000. Large credit card charges and increasing mortgage payments are adding...
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Banks Adopting Belligerent Tactics
Posted 2007-12-17
Many people are complaining that banks are using belligerent tactics to prey on those in debt, according to the Citizens Advice Bureau (CAB). Borrowers who entered into an agreed debt repayment plan through a debt counseling charity are being...