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Insolvencies increasing after Christmas
It has been announced that debt management for those who overspent at Christmas could be required to deal with the amount of debt some consumers have created. Christmas spending may have gone overboard just so children and loved ones can get presents.
Government acts on credit card payments
Apparently, there will be changes enforced to credit card issuers which means they will have to enable consumers to pay off their most expensive debt first. This will be a positive move for those looking to pay off their debt quickly and more effectively, of which most Britons in debt are trying to do.
Banks targetting people in debt
There have been calls from some Scottish MPs for banks to stop employing methods to target those in debt and sell them products that did not suit their customers needs.
CCCS highlights Money Week
According to the CCCS – Consumer Credit Counselling Service they are recommending consumers to learn as much as they can during Money Week. Money week is being hosted by the National Skills Academy Financial Services.
MBNA rate for life credit card announced
Getting in there before it’s competitors, MBNA has brought out a credit card offering a 5.9% interest rate. This may be of interest to those who have previously seen interest rates in the double figures.
Males more insolvent than females?
Because of a report laid out by the CCCS or Consumer Credit Counselling Service, it appears that men could be in more danger of going bankrupt than women. In their figures it showed how more men were recommended IVA’s and insolvency than the opposite sex.
How long do debt management plans take?
Although the best intentions have been intended, many people currently in a DMP may be in them for longer than necessary, so those wondering how long debt management plans take may be in for a surprise. The trade body R3 has said people may have to continue paying them for 10 years.
Increasing utility debt calls for debt help
There could be an increase in the number of Britons getting into poverty after a director at the CAB (Citizens’ Advice Bureau) reasoned that there were a growing number of people who were unable to meet their utility bill payments, meaning debt is mounting up and becoming unmanageable.
Debt advice for high interest credit card debts
Anyone using credit cards to pay their mortgage could be in for a shock when it comes time to repay their credit card debt. Indeed, there may be a demand for debt advice for high interest credit card debts when the credit card runs out.
Debt management instead of more credit cards
Apparently some of those who have been declined a credit card have decided to opt for credit cards which have interest rates up to 60%. The need for debt management could be more than ever as there are apparently up to 1 million Britons who have done this.
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