Daily Debt Advice by Abacus Finance

Individuals ‘not prepared for loss of income’

Peter Kelly — Thu, 09 Jul 2009 13:02:13 +0000

Many people would find themselves quickly getting into debt if they were to lose their main source of income, one expert has suggested. Protection market director at Scottish Widows Richard Jones said that a number of individuals are not preparing themselves for the worst should it happen. He remarked: "The fact that people rank financial protection, such [...]

Borrowers ‘may not be using spare money for mortgages’

Peter Kelly — Wed, 08 Jul 2009 12:37:49 +0000

People could be avoiding using additional income to make mortgage payments on their house, it has been revealed. The Council of Mortgage Lenders (CML) stated that while the financial status of variable rate borrowers has gone up by roughly £20 billion a year due to interest rate cuts, only about £5 billion of this is [...]

Buy-to-let property owners ‘not shopping around for new deals’

Peter Kelly — Tue, 07 Jul 2009 14:19:03 +0000

People in the buy-to-let housing market are showing less of a propensity for finding better mortgage deals, one expert has suggested. Neil Young, chief executive officer of portfolio management organisation Young Group, said that the Bank of England base rate is causing consumers to neglect their mortgages at a time when it is vital they [...]

Generous parents ‘may be undermining their own finances’

Peter Kelly — Mon, 06 Jul 2009 12:28:36 +0000

Mothers and fathers who try to provide for their children’s future may be leaving themselves in financial difficulty, new research has suggested. According to a survey by The Children’s Mutual, savings made by parents are often used to fund their children’s university plans or first homes. Chief executive of the organisation David White said: "We [...]

Debt management proposals “sensible and well-balanced”

Peter Kelly — Fri, 03 Jul 2009 12:55:40 +0000

New plans set out in the government’s "Better Deal for Consumers" white paper have been commended on a number of fronts by one expert. Features of the initiative include increased regulation on store credit cards and prohibiting unsolicited credit card cheques. Head of loans and debt at comparison site moneysupermarket.com Tim Moss identified a few flaws [...]

Individuals ’should not delay saving’

Peter Kelly — Wed, 01 Jul 2009 11:53:33 +0000

People should not put off leaving money aside for their retirement as they risk financial struggles when they are older, one expert has suggested. Senior partner at consultancy firm Fostor Denovo Ian Bird said that leaving it too late may mean employees need to continue working for longer than they wish. He remarked: "There are [...]

Cash-strapped Brits ‘prefer to spend’

Peter Kelly — Tue, 30 Jun 2009 13:06:02 +0000

People in the UK prioritise a comfortable lifestyle over saving for the future, new research has found. Insurance, pensions and investment group LV= found that the number one financial concern of the average person was ensuring they had enough cash to fund day-to-day living. Group executive for the organisation Mike Rogers suggested that individuals should [...]

Saving should start young to avoid debt, expert suggests

Peter Kelly — Mon, 29 Jun 2009 13:17:43 +0000

Financial planning is the best way to avoid debt as you get older, one specialist has claimed. Chief executive of savings organisation the Children’s Mutual David White said that people should not be taking on more debt in their later years as it will make it very difficult for them in retirement. He said: "The [...]

People ’saving for family despite debt’

Peter Kelly — Fri, 26 Jun 2009 12:01:17 +0000

Britain’s elderly are still storing money to support their families despite the recession, new research has revealed. Saga conducted a survey of 19,000 over-50s, which found that 13 per cent in this age bracket currently put aside money for their grandchildren. Chief executive of the financial services organisation Andrew Goodsell said it was comforting that [...]

Debt levels aided by government borrowing

Peter Kelly — Thu, 25 Jun 2009 13:30:57 +0000

Debt in the UK could have less of an impact on the average person due to the government’s ability to borrow at a lower rate, one expert has suggested. Gemma Petlow, a senior researcher at the Institute for Fiscal Studies (IFS), commented that while the amount people owe is expected to go up it may [...]