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“I wish I had done this years ago instead of struggling through as best I could, maybe now I would be debt free. The Debt Counsel really have helped in turning my life around. Thank you!”. Satisfied customer / Saffron Walden
Total consumer credit lending to individuals at the end of Feb 09 was £231bn. This has continued to slow to 3.4% in the
last 12 months.
- Government backed Insolvency Service increase fees by 25 per cent
- Value of debts written off by UK banks up by over 25 per cent
- The Limit on contactless card payments increases to £15
- UK credit card debts left to pile up
- Ex Government Advisor says credit card interest rates are excessive
- ?Missing? credit report information could affect your ability to get credit
- Highest Credit Card Interest Rates since 1998
- Mortgage applications up 14% in January
Every day 1,995 people are made redundant...
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3rd February 2010
Every day 1,995 people are made redundant...
According to figures from Credit Action 1,995 people are made redundant every day in UK. This is despite all the recent reports that the UK is now officially out of recession as the last quarter of 2009 saw a 0.01% growth in Gross Domestic Product (GDP).
Credit Action reports that every UK adult now owes £30,252 which equates to 129 per cent of average earnings. Total UK personal debt stood at £1,460bn at the end of 2009 which was 0.7 per cent higher than 2008.
With such large personal debts redundancy can have a huge impact on an individual and their ability to make mortgage payments, other credit payments and may even impact on paying household bills such as utilities and food.
In fact 386 people are reported to be declared bankrupt or insolvent every day and every 11.2 minutes a property is repossessed.
Craig Gedey, Marketing Manager at Debt Advisory Line said: “If people are struggling to keep up with repayments on their mortgage or other debts they should seriously consider speaking to a qualified debt management company.”
“Ignoring your current debt levels and applying for more credit to pay off existing debts or bills is not a long term or viable solution.”
“A good debt management company will negotiate on your behalf to have interest charges and payments reduced and they should always work to have your debts cleared as quickly as possible. This is something we always try to achieve for our customers.”
Other borrowing on car finance, retail purchases, credit cards, personal loans and overdrafts also rose to £4,692 for every UK adult at the end of December 2009.
Rather alarmingly more than 25 per cent of UK adults say they are relying on winning the lottery to help pay off their debts. Only 1 in 20 UK adults will be looking for professional debt help.
With total lending by UK banks on the increase for the first time since June 2009 perhaps people should borrow with caution as we move into 2010. New figures from The Citizens Advice Bureau report that 9,300 people contact them for debt help every day. -
