Archived News & Related Stories

BoE’s Blanchflower sees sharp recession in 2009
Bank of England policymaker David Blanchflower has said that the recession will deepen in 2009, and monetary policy needs to be loosened accordingly. ... >>

UK bottom of the ‘league’
The International Monetary Fund (IMF) expects the UK’s economy to shrink by 2.8% this year – the worst figure since the Great Depression of the 1930s, according to The Guardian. ... >>

‘Almost half’ won’t repay Christmas debts in January
New research has suggested that of those who fell into debt in order to fund Christmas purchases, just over half expect to have repaid the full amount by the end of January. ... >>

Consumers repaid more debt in December
New figures from the British Bankers’ Association (BBA) have shown that consumers repaid £0.4bn more unsecured debt than they borrowed in December. ... >>

1 in 3 ‘risk energy debt’
Almost a third of consumers are risking debt as they never check their energy bills for accuracy, comparison site uSwitch has claimed. ... >>

Consumers `failing to save and risking debt`
Confidence among British consumers in savings is continuing to fall, meaning that many people may be risking debt.... >>

CAB reports debt of more than £8m
A local Citizens Advice Bureau (CAB) has reported helping people with a combined level of debt of more than £8 million.... >>

Debt worries as recession confirmed
Today’s official figures from the Office for National Statistics (ONS) have confirmed that Britain is in recession. ... >>

`Many consumers` overpaying on mortgages
A significant number of homeowners are choosing to take advantage of recent falls in their mortgage rates by making overpayments, a bank has said.... >>

Debt consolidation loans total ‘could approach £3bn by Easter’
Loans taken out for debt consolidation purposes could reach £2.93bn in the first quarter of 2009, according to Sainsbury’s Bank. ... >>

Retirees `facing potential debt problems`
Two-fifths of Britons will run out of money - and potentially face debt problems - by the age of 85, it has been suggested.... >>

Mortgage rescue scheme rolled out across England
Certain people who are struggling to meet their home loan repayments are set to benefit from a mortgage rescue scheme being rolled out by the government.... >>

Debt consolidation `could save consumers £20 billion`
Consumers in the UK could save a combined total of £20 billion by consolidating their debts, it has been suggested.... >>

Tough times prompt discussions about money and debt
In the midst of the downturn, it seems the majority (53%) of UK adults are ‘far more likely’ to discuss their personal finances with other people than they were a year ago. ... >>

Struggling borrowers `must contact their lender`
Consumers who are struggling with debt problems must contact their lender.... >>

Debt management `can help people tackle money problems`
Careful debt management can help consumers tackle their personal finance problems, it has been suggested.... >>

Lenders `have tightened their criteria`
People seeking home loans are now subject to stricter criteria imposed by lenders, it has been suggested.... >>

Financial concerns `causing many to delay retirement`
As a result of financial concerns caused by the current economic downturn, a significant number of UK consumers are being forced to delay their retirement plans, new figures suggest.... >>

‘Smart meters’ could help energy users avoid debt
Energy users could soon have much more control over their usage – and therefore their bills – as providers move towards ‘smart meters’ as a way for customers to monitor their usage. ... >>

Low savings rates make debt overpayment more appealing
With banks’ and building societies’ instant access accounts paying an average interest rate of 0.81%, borrowers have more reason than ever to use ‘spare’ cash to overpay debt, rather than save. ... >>

Economy encourages people to pay off credit card debt
People are more likely to try to clear their credit card debt as a result of today’s economic problems, an expert has claimed. ... >>

Older savers `may suffer due to interest rate cut`
Although the recent reduction in interest rates of 50 basis points will be welcomed by many consumers with loans and mortgages, older savers may suffer.... >>

Credit crunch `to impact on Scottish bankruptcies`
The ongoing credit crunch and rising unemployment are likely to result in a rise in the number of Scots declaring `bankruptcy sequestration`.... >>

AMI calls for more liquidity in home loan market
The government must intervene to ensure that there is sufficient liquidity in the mortgage market, an industry body has said.... >>

Optimism for future income amongst Britons
A new poll has indicated a (perhaps surprising) level of optimism about future finances amongst many British citizens. ... >>

UK energy bills rise four times faster than European average
Energy bills have risen by 16.7% in the last year in the UK, according to figures from the Organisation for Economic Co-operation and Development (OECD). ... >>

Open University offers free debt management course
The Open University has launched a new website offering a free debt management course, as well as other advice designed to help people through the recession. ... >>

Council Tax arrears: a dangerous debt
In 2008, over a million people were summoned to court for failure to make their Council Tax payments in full, a political party has reported. ... >>

Base rate cut to record low: 1.5%
The Bank of England has cut the base rate of interest to 1.5%, the lowest rate in the Bank’s 315-year history. ... >>

Demand for debt advice growing
2008 saw a marked increase in the number of people seeking debt advice, new figures suggest. ... >>

Debt timebomb ‘to explode’
13% of people questioned* have sought debt advice after struggling to keep up with their debt repayments, a comparison website has reported, adding that 2009 may be the year the UK’s ‘debt timebomb’ finally ‘explodes’. ... >>

Insolvencies ‘to reach record levels’ in 2009
High levels of debt and an uncertain outlook for 2009 are likely to lead to ‘record levels’ of personal insolvencies this year, according to professional services firm KPMG. ... >>

Consumers advised to manage their debt
As one of their New Year`s resolutions, consumers have been advised to manage their debts.... >>

State pension `needs to double`
Many Britons would like to see the government considerably increase the value of the state pension by 2059, a new study has found.... >>