Consumer Debt News
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News : Topics : Consumer Debt Consumer Debt is currently at record levels, with many experts concerned that as a nation we're sitting on a debt timebomb. Economic conditions and interest rates are favourable at the moment, but if the situation starts to decline, many people may find keeping up with repayments to be a struggle. Part of the reason for our record debt is the rise in property prices which has left millions with bigger mortgages than ever before. Also, easy access to credit (both secured and unsecured) has tempted many into a 'live now, pay later' lifestyle with credit cards and other debts taking a hammering. Although most of us consider our debt levels to be of little or no danger to our finances, the rising numbers of personal insolvencies suggests that this is far from the case for everyone. News Stories on Consumer Debt:
IVAs a Profitable Business - Debts.co.uk announces profits of £2.1m, half of which comes from IVAs (24/10/2006) Bad Debts Hit Co-op Profits - Co-op Bank profits down £5m as a result of bad debts (14/09/2006) HSBC Tightens Overdraft Rules - Bank introduces 'annual review' of customers' overdraft limits (12/09/2006) Egg plc Posts £40m Loss - Bad debts and insolvencies push internet bank into the red (31/07/2006) Many Face 'Lifetime of Debt' - Citizens Advice says some of their clients would need 75 years to pay off their debts (25/05/2006) Report Says a Million People Near to Bankruptcy - 1.7m people struggle with their debts, with 1m facing serious difficulties (22/05/2006) Government Announces Debt Counselling Funds - £45 million over 3 years will pay for hundreds of new debt advisors (07/04/2006) Rise in Charging Orders - Debt charities becoming concerned over increasing trend of issuing 'charging orders' (10/10/2005) Figures Show Rise in CCJs - Number of CCJs awarded rose by 15% in first half of 2005 (29/09/2005) Second Drop in Credit Card Spending This Year - Spending drops in August according to new figures (21/09/2005) |
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