Archive for June, 2006

TweetShareMike Naylor, principal researcher at Which?, said that thousands of people are at financial risk yet are still borrowing more. “Undoubtedly people need to take responsibility for their borrowing,” said Mr Naylor. “There is a real danger that people are borrowing more and more and saving less. There are thousands of people at real financial [...]

TweetShareAn extra £9.3 billion was borrowed in May, which taken with credit card debt and other forms of credit, means that consumer debt now stands at £1.2 trillion. However, Drew Wotherspoon of John Charcol, believes that this should not be an immediate cause for panic: “While £1 trillion in mortgage debt is a huge sum, [...]

TweetShareA uSwitch poll found that nearly two thirds of respondents did not realise there were typical charges of £17 involved in using credit card cheques and that they could incur extra interest. “There is a danger that many of the people who these cheques are targeted at will already be at risk of falling into [...]

TweetShareDirector of the BBA, Eric Leenders, said that access to credit from regulated sources was a “huge enabler” that helped stop people taking out informal arrangements at high interest rates. “Any consumer who takes credit should have the protection that the law provides,” said Mr Leenders at a conference aimed at tackling debt levels. “Increased [...]

TweetShareRobert Skinner, director general of the Money Advice Trust, told a conference looking at tackling the problem that debt requires early intervention. He claimed that the increase in demand on debt helplines was due to a greater awareness of advice services among the general public and also “because of an increase in the number of [...]