Daily Debt Advice by Abacus Finance

Consumers ‘increasingly focused on reducing debts’

Peter Kelly — Fri, 10 Feb 2012 16:01:36 +0000

Many Britons are becoming more sensible with their money and working hard to reduce their debt levels, according to one financial expert. Gail Goldie, product and marketing director at Santander Cards, said a large number of people have changed their attitude towards borrowing and become more focused on making their money "go further". "People are [...]

Inflation drop may help debt consolidation aims

Peter Kelly — Fri, 10 Feb 2012 11:48:38 +0000

Consumers keen to consolidate their debts may find they are better able to do so because of an ongoing fall in the cost of living. One contributory factor is the cost of manufactured goods in the UK and the latest Producer Price Index released by the Office for National Statistics has revealed that this increased [...]

Debt fears may persist despite manufacturing boost

Peter Kelly — Thu, 09 Feb 2012 12:25:34 +0000

Many Britons could still be struggling with debt even if a double depression does not take place, something new figures indicate is increasingly unlikely. The latest data suggesting the economy is not growing comes from the Office for National Statistics, showing that manufacturing output in December 2011 was 0.8 per cent up on the same month [...]

Debt problems may worsen for bank workers as redundancies loom

Peter Kelly — Wed, 08 Feb 2012 11:07:32 +0000

Lloyds Banking Group has announced plans to cut nearly 1,000 jobs in the UK this year. Debt problems will be a potential consequence for the many workers who are made redundant, with a large number of the 990 job losses due to stem from site closures in Newcastle, Scunthorpe and Romford. Last year, the part-nationalised [...]

Warning over money problems for young as unemployment lingers

Peter Kelly — Tue, 07 Feb 2012 11:47:15 +0000

A new report on youth unemployment has described the current situation in the UK as "the crisis we cannot afford". According to the commission's research, the current level of youth unemployment is set to cost the public purse at least £4.8 billion this year. David Milband MP, who chairs the commission on behalf of the [...]

Bank lending tipped to fall

Peter Kelly — Mon, 06 Feb 2012 12:06:34 +0000

Total loans issued by banks will contract by 2.2 per cent this year, according to a prediction from The Ernst & Young ITEM Club. In its latest Outlook for Financial Services report, the economic group also suggested that more people could require debt help as credit shortages "pose more problems this year for businesses and [...]

IVA use remains static

Peter Kelly — Fri, 03 Feb 2012 11:58:27 +0000

The number of individual voluntary arrangements (IVAs) taken out by consumers struggling with debt remained almost exactly the same in the final quarter of 2011 as it did in the previous three months. Insolvency Service figures showed 13,047 IVAs were agreed in the period, just one less than in the three months to September. Yet at [...]

Insolvency levels ’still over 300 a day’

Peter Kelly — Thu, 02 Feb 2012 12:18:34 +0000

Many consumers could still be seeking individual voluntary arrangements (IVAs) as new figures show hundreds of personal insolvencies are occurring daily. Data supplied by Credit Action has indicated 331 people are made insolvent or bankrupt each day, showing that the problems of unpayable debt are still affecting large numbers of people. Indeed, the statistics showed Citizens Advice [...]

Water debts ’soaring’

Peter Kelly — Wed, 01 Feb 2012 12:21:59 +0000

An increasing number of consumers are in debt to water companies as they fall behind with bills, new research has found. The Money Advice Trust has revealed its National Debtline took 32 per cent more calls on this particular issue in 2011 (16,226) than it did in 2010 (12,267), with the overall figure having grown by [...]

Consumers told to cut debt ahead of rate hikes

Peter Kelly — Tue, 31 Jan 2012 12:32:52 +0000

Consumers have been advised that they should take any opportunity they have to cut down their debt levels ahead of any increase in interest rates. Commenting on the issue, managing director at moneymaxim.co.uk Mark Bower said: "For those who do have savings we are recommending they consider reducing their current borrowing levels ahead of any [...]