June 2009
1 post
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Debt Britain: Now debts greater than salary
Brits now owe more on average than their annual salary, according to new research. For every £1 earned, people are £1.02 in debt on credit cards, loans and mortgages, claims a study by Confused.com. Across the nation, the highest debt to income levels were found in Kingston-Upon-Thames- where average debts hit 169 per cent of annual salaries. Horsham, Watford, Bromley and Bromsgrove all...
May 2009
10 posts
2 tags
Get on the Fast Track to Financial Freedom
As many card holders already know getting in debt is far easier than getting out of debt. In fact high interest credit card debt has a way of quickly overcoming your best efforts to keep it under control making financial freedom something few dare to dream of achieving. Fortunately there is good news for consumers trying to get out of debt, there are ways to get off of the debt roller coaster and...
Pledge to fight UK debt
TREASURY OFFICIALS say further action will be taken to bring down Britain’s public borrowing, set to hit a record 12.4% of gross domestic product – £175 billion – this year.
They insist, however, that measures to cut the budget deficit will be taken over time and worries expressed last week by Standard & Poor’s, the ratings agency, are misplaced.
S&P revised its outlook for Britain’s...
Debt Advice Charities Overwhelmed
Thousands of debtors using free debt advice services could be asked to undergo “self-help” in a bid to ease the increasing strain on advisers.
Debt advice organisations are currently in talks about running a pilot scheme that would see more financially aware debtors tackle their own problems. Instead of spending hours with a debt adviser filling out a budget sheet they would be given...
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Economy Takes its Toll on M&B
It seems the economy has taken its toll on popular national bar and pub chain Mitchells and Butlers. They have seen a massive fall in profits, the biggest in the companies history and a increase in overall debt - things might be a bit rocky for the foreseeable future.
The Times has more…
The pubs group, which suffered a £391 million hedging loss last year after it was forced to scrap a...
The Debts of Young Vets
As we had towards the end of the academic year, the latest crop of veterinary students is close to graduation. They’ll be coming out into a very different world to the one that greeted my own generation of young vets.
As a veterinary student in the mid-eighties, I remember fellow students feeling aggrieved about the paltry support that we received from the government. Of course, all our...
Debt Management Advice you can Follow
In times of financial crisis, you can’t help yourself from borrowing money from financial institutions. They are just around the corner and willing to lend you money. With the availability of loans and credit cards, it’s always nice to avail some. If you want to buy a new car but cash is short, you can get a car loan. There is also home loan in order to have your dream house....
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Judges Seek Hold on Debt Claims
Judges in England and Wales are considering putting on hold up to 100,000 claims for the cancellation of credit card debt and other consumer debts.
Many of the cases have been generated by claims-handling firms advertising in the newspapers and on TV.
The firms argue that the debts cannot be enforced if lenders have not kept the right paper work.
The judiciary is planning to select a few claims...
Tenants 'in most debt since 80s'
UK housing tenants are more in debt than at any time since the late 1980s, a landlords group has said.
Hundreds of thousands are falling behind with rental payments, largely due to rising unemployment, according to the National Landlords Association.
The situation was “pretty dire” with at least a third of members owed money, the association added.
In the past year, the association...
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Worries About U.K.'s Soaring Debt Depress Gilt...
LONDON — A day after laying out its most dismal budget plan in decades, the U.K. government became the focus of fresh investor concerns about its ability to handle a costly financial and economic bailout.
Prices of U.K. government bonds fell for the second day Thursday as investors digested the country’s plans to borrow an added £606 billion ($877.25 billion) over the next four years...
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DWP Warned on Benefit Debts
Benefit overpayments outstrip efforts to recover money from claimants, auditors have found. Friday’s report from the National Audit Office highlighted the DWP’s struggle to administer the benefits system. The department has increased recoveries of benefit overpayments from £180m in 2005/06 to £272m in 2007/08 and an expected £279m for 2008/09. But recoveries are not keeping pace with...
April 2009
2 posts
How to borrow £200bn
What I expect the Debt Management Office to announce is that it will work more closely with investment banks in selling gilts. What this offshoot of the Treasury will do is form syndicates of banks to sell around £20bn to £30bn of gilts, out of the record £200bn-odd it will have to flog to finance our financially stretched government. This would involve firms like Goldman Sachs and Morgan Stanley...
Is teaching personal finance education in schools...
… Some things are too important to be left to chance. Financial education is one.
It’s clear from the difficulties that so many people are experiencing that we can’t rely on families to teach children how to manage money, as many of them do not know how to do it themselves. This is not to blame individuals who are victims of the global recession, finding themselves unemployed or...
March 2009
1 post
Financial age of innocence over by seven →
January 2009
2 posts
Growth in mortgage lending stalls in November →
Work less to cut your debt
Though ubiquitous these days, mortgage modification programs create terrible work incentives. This is one reason the current recession is so different from previous ones.
In most cases, homebuyers take out mortgages that cover only part of the value of the houses they are buying. In other words, the house is worth more than the mortgage owed. This means that in the event a borrower defaults, the...
December 2008
6 posts
6 tags
How does debt counselling work?
Every time you switch on your television or get a drive you see a number of advertisements about credit debt counseling. Many of us know that there are a dozen of companies out there shouting about their services and worried for the people to get credit debt counseling, but all I know is a number of things you should know when you head on to such companies. Here I would like to tell you that how a...
DIY Debt Management →
Lowering LIBOR – the real cost of mortgages →
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Debt Resources
These Debt resources are all UK focused:
Helpful organisations and charities:
Citizens Advice Bureau - http://www.citizensadvice.org.uk
National Debt Line - http://www.nationaldebtline.co.uk
Jubilee Debt Campaign - http://www.jubileedebtcampaign.org.uk
CCCS - http://www.cccs.co.uk
Credit Action - http://www.creditaction.org.uk
Money Advice Trust - http://www.moneyadvicetrust.org
Debt...
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Hello and welcome to the Debt Hub
This site aims to provide you with some great tips and information to help you get out of debt.
If there is anything you would like me to publish please get in touch!
