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Family Debt in UK Rises by Almost 50% in 2011
Aviva Family Finances Report published today revealed that UK family debt increased by almost 50% in the past year.Now, an average family debt, excluding mortgages, has risen from 5,360 pounds in January 2011 to 7,944 pounds in January 2012. This constitutes as much as 32% of average household income, which has also increased over the past... Read more
Mortgage Repossessions Remain Low in the UK
The number of mortgage borrowers in arrears falls steadily, according to the Council of Mortgage Lenders (CML).The latest report published by the Council of Mortgage Lenders suggests that the number of mortgage arrears and property repossessions remained low in he third quarter of 2011.As such, only 0.08% of all homes in mortgages were... Read more
Brits Cut Their Spending and Borrowings – BBA
The recent ONS data on UK savings ratio was supported by the findings of the British Bankers Association released on October, 25.The latest figures revealed by the British Bankers Association suggest that Brits paid off more money than they borrowed in September.As such, borrowers paid off 7.1 billion, while they only put 6.8 billion on the credit... Read more
UK Government Should Stop Home Repossessions
Property repossessions can and should be stopped in the UK, believe experts at the Building Societies Association.On September, 19th, the Building Societies Association published a report entitled "A joined-up approach to helping mortgage borrowers" on its official website.The report contains recommendations for lenders and the UK Government on... Read more
The Number of Personal Insolvencies Falls in Q3
The latest report by Insolvency Service suggests that the number of personal insolvencies in the UK fell in the third quarter of 2011.The number of Brits declared bankrupt in Wales and England in Q3 2011 was lower, according to Insolvency Service.As such, the number of personal insolvencies fell to 30,219 in Q3 from 30,513 in Q2.However, analysts... Read more
Brits Continue to Repay Mortgage Debt
According to the report revealed by the Bank of England on Monday, July 4th, homeowners in UK continue to repay their mortgage debt.However, outstanding mortgage debt fell to its lowest annual level in Q1 2011 as borrowers paid £5.8 billion off home loans. This compares to £7.1 billion in Q4 of 2010.Figures suggest that mortgage... Read more
UK Consumers Get More into Debt – Markit
A research carried out by the Markit company revealed that Brits get more and more into debt as they have to borrow just to finance their daily expenses. Since the cost of living in Great Britain is increasing constantly and the salaries stay at the same level, Brits turn to loans to pay their bills.The Markit research showed that 6 times more... Read more
UK Household Debt to Reach £84K by 2015
According to the figures released yesterday by the Office for Budget Responsibility, the debt will reach £2,126 billion or £84,000 per household within the next 4 years.This includes mortgages, credit cards and other types of loans (car loans, personal loans, etc.).At the moment, the overall debt stands at £1,628 billion but the... Read more
UK Men Less Likely to Seek Debt Advice than Women
A recent research carried out by the Centre for Research in Social Policy revealed that men are less likely to seek debt advice than women.As such, men were said to give over-optimistic assessment of their financial prospects. This means that males oftentimes do not have a realistic view of the debt problems they face.Another reason why men prefer... Read more
UK Pensioners Live in Debt – Aviva
Aviva Real Retirement Report, which has been published for the fifth time so far, revealed that retired Brits face debt problems. The report, which surveyed UK residents aged 55+, showed that while average mortgage debt among this age group increased to £10,000 in 2010, their income fell by 4%. This resulted in the belief of... Read more