August, 2010 news
Britons are `rushing to repay debt`
Savings levels are on the decline as Britons focus on repaying debt once again, according to new research from Unbiased.co.uk. ... Read more »
Mortgage interest in Scotland reaches new low
In the second quarter of the year, people moving home in Scotland had to use just 9.3% of their income to cover their mortgage interest.... Read more »
Third of Britons use savings for everyday costs
According to research by investment group Schroders, a third of Britons are avoiding falling into debt by using their savings and investments to cover everyday costs.... Read more »
Mortgages: no life cover for a third of new debts
Nearly a third of people who take out a mortgage do not have associated life cover, new research suggests. ... Read more »
Four million women amass £3,400 of debt shopping
According to research by price comparison website uSwitch, four million British women have run up average debts of £3,400 as they aim to mirror the lifestyle of celebrities, The Telegraph reports.... Read more »
Credit card advice for students
An article on the BBC`s website offers advice on credit cards for students heading off to university this autumn.... Read more »
Insurance tips & insurance myths
The ABI - the Association of British Insurers - has released its `2010 tips and myths guide`, designed to help people find the right insurance policy for them. ... Read more »
Cost of debt about to rise?
Interest rates could rise to 8% by 2021, according to a member of a think tank - something which could greatly increase the cost of repaying mortgages and other debts.... Read more »
Many credit card deals `better than before recession`
Many credit cards currently offer better benefits than the deals available before the recession, according to Moneysupermarket.com.... Read more »
Parents `calling in` debts
According to a new report, parents are `calling in` debts by asking for money back from their children, the Telegraph reports.... Read more »
Choosing the `right` student bank account
An article in The Telegraph highlights how important it is that students `swot up` on their banking options ahead of Freshers` Week and choose the right bank account for their needs.... Read more »
Average mortgage payments `half of 2007 levels`
The average monthly mortgage payment currently costs around half as much as in 2007 (as a percentage of income), according to new research from Halifax. ... Read more »
Student costs of living `up 28% since 2004`
The cost of living for students has risen significantly in recent years, according to research by Family Investments - at a time when average student debts are also on the increase.... Read more »
Payday loans `on the increase`
A report by Consumer Focus has found that the number of people taking out `payday loans` has increased fourfold in the last four years. ... Read more »
Credit card rates `getting further away from base rate`
Average interest rates on credit cards are continuing to grow, despite the Bank of England`s base rate remaining at an all-time low, according to the Money Advice Trust.... Read more »
Young people `afraid of debt`
Two in three teenagers say they are `scared` at the prospect of getting into debt, according to a survey by MyVoucherCodes.co.uk.... Read more »
Mortgage arrears and possessions down
The latest figures from the Council of Mortgage Lenders (CML) show that the number of mortgages in arrears and the number of repossessions by first-charge mortgage lenders both dropped in the second quarter of 2010. ... Read more »
Inflation: Bank writes to Chancellor again
The Governor of the Bank of England, Mervyn King, has again had to write to the Chancellor to explain why inflation is so high. ... Read more »
National debt to hit 90% of GDP within 3 years
According to Moody`s, the credit rating agency, public debt in Britain will reach 90% of its GDP (Gross Domestic Product - a measure of economic activity) by 2013, ifaonline.co.uk reports.... Read more »
The future of credit cards?
Mophie, a mobile phone accessory company, has revealed a new gadget that turns iPhones into credit card readers, pocket-lint.com reports. ... Read more »
Flood insurance - Govt investment a `must`
As climate change adds to the risk of floods - and therefore to the cost of floods - the Government needs to invest in flood defences, according to the Association of British Insurers (ABI). ... Read more »
Mortgage debt: changes ahead
With the future of house prices uncertain and the FSA (Financial Services Authority) looking at ways of tightening lending rules, we`re likely to see changes to the way homeowners repay their mortgage debt. ... Read more »
Smaller loans more expensive
The average interest rate on a personal loan under £5,000 has hit a ten-year high, according to research from moneysupermarket.com, while the cost of larger loans is now falling from the highpoint reached in May. ... Read more »
Large deposit `key to cheap mortgage`
Putting down a big deposit remains the key to getting a good mortgage deal, according to Ray Boulger from John Charcol, a leading mortgage expert. ... Read more »
Indebted graduates face months of job hunting
Graduates, who are already leaving university with record debts, are set to face months of `soul-destroying` job hunting, Scotsman.com reports. ... Read more »
Increase in payday loans could leave borrowers in `debt trap`
According to research by Consumer Focus, the number of Britons taking out payday loans has quadrupled in just four years, the Telegraph reports. ... Read more »
The importance of online bank account security
According to an article on uknewsreporter.co.uk, a new virus is targeting online bank accounts, clearing them of all funds and issuing false statements showing that `nothing is amiss`. ... Read more »
More homeowners opting for fixed-rate mortgages
48% of new borrowers opted for a fixed-rate mortgage in June - the highest proportion of overall mortgage borrowing so far this year, according to the Council of Mortgage Lenders (CML). ... Read more »
This year`s students `could take on £25,000 of debt`
Debt levels for students starting university this year could reach £25,000 by the time they graduate, according to research by university guide Push. ... Read more »
Credit card spending up in July
Spending on debit and credit cards increased by 9.9% in July, compared with a year earlier, according to research by Barclaycard.... Read more »
Mortgage possessions still falling
House repossessions in England and Wales continued on a downward trend in the second quarter of 2010, a report from the Ministry of Justice has revealed. ... Read more »
Debt-conscious holidaymakers opt for budget getaways
A study by insolvency trade body R3 has found that debt-conscious holidaymakers are spending less on their getaways this year. ... Read more »
Debt problems in Scotland - latest insolvency stats
The latest statistics from the Insolvency Service have been published, revealing how many people have entered a formal insolvency procedure as a result of serious debt problems. ... Read more »
Indebted students to pay more for degrees under graduate tax
It has been claimed that degrees will cost more if plans for a new graduate tax system are implemented, which could leave students in even more debt by the time they graduate, the Telegraph reports. ... Read more »
Insolvency news: a new high for IVAs and Debt Relief Orders
The latest figures from the Insolvency Service - released just this morning - have revealed record numbers of people entering IVAs (Individual Voluntary Arrangements) and DROs (Debt Relief Orders).... Read more »
Lenders continue to `ration` home loans
Figures from Moneyfacts indicate that the size of loans to homebuyers and people looking to remortgage is still being `rationed` by lenders, the BBC reports.... Read more »
Increase in credit card offers offset by rising interest rates
Credit card users are benefiting from an increase in the length of interest-free promotional periods, according to research by comparison site Moneysupermarket.com.... Read more »
The base rate and mortgages
Any changes to the Bank of England`s base rate will have a serious effect on mortgages - millions of homeowners with variable-rate mortgages will see their monthly payments go up when the base rate does.... Read more »
Credit card rates up, despite low Bank Rate
Research by comparison website Moneysupermarket.com has found that the average interest rate on the most popular credit cards is on the up, even though the Bank of England`s base rate has remained at 0.5%.... Read more »
Work experience loses its appeal to indebted graduates
According to new research by the National Council for Work Experience, graduates are `shunning` the opportunity to take unpaid work experience because of `student debt and money worries`. ... Read more »
Rent arrears `falling`
The number of landlords reporting tenants in debt on their rent repayments is falling, according to a report from the National Landlords Association (NLA).... Read more »
Importance of tackling student debt
A press release from Moneyfacts.co.uk highlights the importance of tackling large student debts - particularly at a time like now, when unemployment is high and could rise further, headlinemoney.co.uk reports.... Read more »
Holidaymakers `wasting cash` on credit card charges
According to research from Post Office Credit Card, UK holidaymakers are set to waste over £60m on charges for using their credit cards overseas throughout the remainder of this year, headlinemoney.co.uk reports.... Read more »
Age and insurance - one in five over-65s turned down
Finding an insurance deal can get more difficult - and more expensive - with age, an article in The Telegraph reports.... Read more »
Debt in June - latest BoE figures
In June, consumers collectively repaid more unsecured debt than they took on, the Bank of England`s latest `Lending to Individuals` figures tell us. ... Read more »
Credit card borrowing up in June
Net credit card borrowing increased by £0.1bn in June, despite an overall fall in net consumer credit that month, according to the latest `Lending to individuals` report from the Bank of England. ... Read more »
Lenders anticipate `spike` in home loans
Financial advisers expect a 7.2% quarter-on-quarter increase in home loans during the third quarter of this year, according to Paragon Mortgages` Financial Adviser Confidence Tracker (FACT) survey. ... Read more »
Holidaymakers take on debt to pay for travels
New figures published by insolvency trade body R3 have shown that over 2 million (2,329,500) holidaymakers have taken on (on average) over £1,000 of debt to pay for their travels.... Read more »
`Free cash` warning to bank account customers
The Financial Ombudsman Service, a free service set up to settle complaints between consumers and financial businesses, has warned bank account customers that they are `unlikely to be allowed to keep money mistakenly credited to their bank account`, the BBC reports.... Read more »
81% of Brits changing shopping habits to cut costs
Over four fifths (81%) of British shoppers have changed the way they shop in an attempt to reduce their costs, according to banking group Santander. ... Read more »
Mortgage market could remain quiet into autumn
The Council of Mortgage Lenders (CML) says that the mortgage market is likely to stay quiet into autumn this year, after gross lending figures from the Bank of England fell slightly short of expectations. ... Read more »