September, 2009 news
Savings and debt repayments rise
New figures from the Office for National Statistics (ONS) have shown a rise in savings and a fall in debt, according to the Guardian.... Read more »
Bank of England: quantitative easing `a success`
David Miles, of the Bank of England`s Monetary Policy Committee (MPC), today defended the Bank`s quantitative easing scheme, in response to doubts about its success, according to The Times.... Read more »
Couple avoid debt with £51 wedding
A couple looking to pay around £1,000 for their special day managed to secure a full package for just £51 thanks to the auction site, eBay, the Daily Mail reports.... Read more »
Students expect debts to take decades to repay
A survey has found that the majority of students expect to graduate with debts that could take up to two decades to repay, according to the Telegraph.... Read more »
New figures show 0.2% increase in house prices
New figures from Hometrack have shown a 0.2% rise in house prices during September, compared with the previous month, according to Mortgage Strategy.... Read more »
Loans to individuals increase
The net value of lending to individuals increased in August, according to the latest lending figures from the Bank of England, released this morning.... Read more »
Students` belongings could be covered by parents` insurance
As hundreds of thousands of students begin their university education this month, insurance company Direct Line has warned that students` belongings are a `thieves` favourite`.... Read more »
CBI: debt will help keep household spending low
The CBI (Confederation of British Industry) has said that a focus on repaying household debt is one factor that will mean that any economic recovery this year will be fragile.... Read more »
Bank lending rate almost as low as base rate
The three-month sterling LIBOR rate (London Inter-Bank Offered Rate) fell to 0.57% this week - just 0.07% above the Bank of England base rate - prompting hopes that lending markets may be returning to pre-credit crunch conditions.... Read more »
Loans for home purchase increase by 80%
According to the British Bankers` Association, the number of loans approved for house purchase in August was 81.4% higher than the same time last year.... Read more »
Mortgage approvals up 81.4%
According to figures from the British Bankers` Association (BBA), the number of mortgages approved in August was 81.4% higher than the same time last year, reaching a level not seen since before `the worst of the credit crisis`, The Times reports.... Read more »
Centre in Chichester offers help to people in debt
A centre in Chichester committed to helping people with debt problems has `officially launched its service`, wscountytimes.co.uk reports.... Read more »
12 million Britons `struggle to cope with bills`
A new report has claimed that around 12 million Britons are currently struggling to cope with their monthly bills - putting them at risk of debt problems.... Read more »
Car scrappage scheme `could run out of funds in October`
The £300m allocated to the Government`s car scrappage scheme could run out in October, according to The Independent.... Read more »
Insurance matters as new drivers start younger
A survey by AA Insurance has found that today`s young drivers are buying their first cars earlier than older drivers did.... Read more »
Charity offers youngsters lessons on debt
The charity Debt Doctors aims to teach children as young as eight about debt and money management, The BBC reports.... Read more »
Student loans backlog highlights importance of credit
The student loans backlog has left tens of thousands of university students without funding as they begin their courses, highlighting the importance of access to loans and other forms of credit.... Read more »
Landlords `struggling to secure mortgages`
A significant number of landlords in the UK are struggling to secure mortgages, it has been claimed.... Read more »
Scheme to help those seeking mortgages `will be of little help to FTBs`
A new scheme to help mortgage seekers access additional finance for stamp duty costs and legal fees will be of little help to first-time buyers (FTBs), it has been claimed.... Read more »
Struggling homeowners should seek debt help quickly
Homeowners who fall behind on repaying their mortgage debt should contact their lender and get some independent debt advice as soon as their problems start, in order to reduce their risk of repossession, according to an expert.... Read more »
Bank charges are a factor in choosing bank account
The recent news surrounding overdraft fees and other bank charges has highlighted the fact that choosing the right bank account is just as important as choosing the cheapest energy or insurance deal.... Read more »
Scrappage scheme extension could increase demand for car loans
Carmakers have called for governments across Europe to extend the car scrappage schemes that have helped to increase new car sales, according to the BBC.... Read more »
Debt in Australia: household finances improving
According to research by the Melbourne Institute, Australian households` finances are much better now than they were three months ago, news.com.au reports.... Read more »
Lower deposits required for FTB mortgages
Research by Mortgageforce suggests that the average deposit needed for first-time buyers (FTBs) to secure a mortgage fell to 21.25% (of the property`s value) in August, from 25.4% in July, moneynews.co.uk reports.... Read more »
Energy price rises could spark debt worries
Energy prices to consumers could increase next year, despite Ofgem`s claims that there is room for further price cuts, according to The Telegraph.... Read more »
Gross mortgage lending £12.6bn in August
Gross mortgage lending totalled an estimated £12.6bn in August, according to the latest figures from the Council of Mortgage Lenders (CML).... Read more »
Personal debt levels `holding back economic recovery`
Economic growth is being held back by the numbers of people repaying debt rather than spending money, according to Bank of England Governor Mervyn King.... Read more »
Unsecured lenders increase loan rates for new customers
According to a recent press release from uSwitch.com, since the start of September, several unsecured lenders have increased the rates they charge on loans for new customers.... Read more »
Mortgage lending `fell in August`
Total gross mortgage lending fell last month compared with July`s figure, it has been revealed.... Read more »
Cost of mortgages `remains high`
Despite interbank borrowing rates having fallen to a record low, mortgage rates for consumers remain high.... Read more »
Quarter of `pensioners` must work or face debt problems
A new report has suggested that one in four people of retirement age cannot afford to quit work, but will have to continue working indefinitely, according to The Guardian.... Read more »
Mortgage lending rose in July
July saw the first annual growth in mortgage lending for house purchase since early 2007, according to new figures from the Council of Mortgage Lenders (CML).... Read more »
Home loans for first-time buyers `up by £2bn`
Home loans for first-time buyers increased by £2bn in the second quarter of 2009, compared with the previous quarter, according to new figures.... Read more »
Rising car sales highlight need for the right car insurance
The rise in new car registrations in August, as reported by the SMMT (Society of Motor Manufacturers and Traders), highlights the importance of finding the best car insurance deal.... Read more »
Record fall in US consumer debt
US consumers repaid a record amount of their debt in July, The BBC reports.... Read more »
Cost of mortgage repayments `has fallen significantly`
The cost of mortgage repayments has fallen considerably over the last two years.... Read more »
Lower mortgage rates `have helped borrowers`
The lower mortgage rates that have been on offer recently due to falls in the UK`s base rate have helped borrowers keep up with their repayments, the Royal Institution of Chartered Surveyors (RICS) has said.... Read more »
Brits `may be heading for more debt problems`
Consumers in the UK may be heading for more debt problems as borrowing increases, Unbiased.co.uk has claimed.... Read more »
Consumers `facing financial problems in retirement`
Many consumers may be facing financial difficulties, potentially including debt problems, when they enter retirement.... Read more »
Government site helps with mortgage debt
The Government has launched a new website aimed at helping people who are struggling with mortgage debt and facing repossession.... Read more »
Car-buying plans reflect attitudes towards debt
The number of people planning to buy a car is at its lowest level for at least six years, according to new research, as consumers look to protect their finances and avoid debt.... Read more »
Landlords `may struggle with mortgage repayments`
Many landlords in the UK may be facing difficulties in making their mortgages repayments, it has been found.... Read more »
CML welcomes launch of scheme to help struggling mortgage holders
A new government initiative designed to assist struggling mortgage holders has been welcomed by the Council of Mortgage Lenders (CML).... Read more »
Consumers `need to be careful about credit card debt`
Consumers need to be cautious when moving their credit card debt around, Confused.com has said.... Read more »
Interest-only mortgages & mortgage debt
The fall in house prices has left many homeowners facing negative equity (where their mortgage debt is greater than the value of their property). This can be particularly worrying for people who took out an interest-only mortgage.... Read more »
Think Money launches Financial Guide for New Parents
Financial solutions company Think Money has launched its Financial Guide for New Parents. This is a comprehensive guide aimed at helping new parents make the most of their finances.... Read more »
Banks cutting cost of overdraft debt
Major banks are reducing the cost of overdraft debt, ahead of a court ruling about fees.... Read more »
`More landlords` enquiring about mortgages
The number of landlords and potential landlords making mortgage enquiries has risen, it has been suggested.... Read more »
New mortgage deals `do not spell end to property slump`
New deals being offered by UK mortgage lenders do not yet spell the end of the ongoing property market slump, it has been claimed.... Read more »
Debt advice agencies `facing surge in demand`
The recession has led to a surge in demand for debt advice, according to an expert.... Read more »
Over-50s `much wiser` with credit card debt
A higher proportion of the over-50s age group carry two or more credit cards than any other age group, according to Saga, potentially increasing their risk of racking up debts.... Read more »
Personal debt in the UK `still shockingly high`
Personal debt in the UK is still `shockingly high` - writes Merryn Somerset Webb, editor of Money Week - yet the `assumption is that, as the global economy starts to recover, we`ll get our credit cards out and head back to the shops`.... Read more »
Increased mortgage lending "is very good news"
The increased mortgage lending in July recorded by the Bank of England (BoE) has been described as "very good news".... Read more »
UK consumers cut their debts
Personal debt amongst UK consumers fell in July, for the first time since records began in 1993, according to the latest Bank of England figures.... Read more »
FTB mortgage enquiries `rise`
The proportion of mortgage enquiries made by first-time buyers (FTBs) in the UK has risen, new figures show.... Read more »
Rise in average interest rates on personal loans
According to figures from Moneynet.co.uk, the average interest rate charged on personal loans has increased by over 40% over the past five years, the Press Association reports.... Read more »
Borrowers with good credit ratings `falling into debt on mortgage`
Ratings agency Moody`s has found that an increasing number of people with previously good credit histories have fallen behind on payments towards their mortgage debt, according to The Times.... Read more »
Fuel tax could fuel debt problems
The price of petrol rose by 2p today, thanks to an increase in fuel duty.... Read more »
Many people `facing debt in retirement`
An increasing number of consumers are approaching retirement with outstanding debt, it has been claimed.... Read more »
Homeowners advised to consider tracker mortgages
It is currently worth considering taking out a tracker mortgage as opposed to a fixed-rate product, an expert has claimed.... Read more »