Struggling Brits turning to debt
Struggling Brits turning to debt
Monday 7th July 2008
According to Unbiased.co.uk, consumers added to national debt levels by £22.4 billion during the period.
This meant that £13 million more debt was taken on by consumers during the quarter than was the case for the same period last year.
Analysts have suggested that the figures are especially worrying given the increasing cost of personal loans, which was borne out in a survey from Moneyfacts.co.uk.
The personal finance site found that at the end of May the cheapest rate on personal loan of £1,000 had increased from 14.4 per cent during the same month last year to 18.9 per cent.
David Elms, chief executive of Unbiased.com, said: "A bad situation is being made worse by the fact that - as the credit crunch bites, there is less credit around.
"Over 10,000 mortgage deals have been withdrawn and personal loans are more expensive than last year - making it harder for people to find affordable credit."
Is Debt causing you worry and stress? We can help.
Related News
Higher living costs mean 'bleak times ahead' for debt-hit Britons - 07/07/08
Debt-hit Britons have been warned to expect "bleaker times" in the months ahead, as a result of higher day to day living costs
Debt-hit Britons have been warned to expect "bleaker times" in the months ahead, as a result of higher day to day living costs
Brits urged to act to avoid falling into problem debt - 03/07/08
Britons who are concerned about falling into problem debt due to higher housing costs have been urged to take immediate action to address the problem
Britons who are concerned about falling into problem debt due to higher housing costs have been urged to take immediate action to address the problem
More credit card debt secured against homes - 02/07/08
Consumers struggling with credit card debt are likely to find themselves under increased pressure from lenders this year with more companies currently looking to secure loans against properties, according to a leading debt consultancy
Consumers struggling with credit card debt are likely to find themselves under increased pressure from lenders this year with more companies currently looking to secure loans against properties, according to a leading debt consultancy
Take action early to avoid mortgage debt pitfalls, warns finance site - 01/07/08
Homeowners coming to the end of fixed rate mortgages should scout around for a new deal as soon as possible to avoid falling into unmanageable mortgage debt, a price comparison site has advised
Homeowners coming to the end of fixed rate mortgages should scout around for a new deal as soon as possible to avoid falling into unmanageable mortgage debt, a price comparison site has advised
Consumers facing higher payments on loan debt - 30/06/08
Britons looking to take on loan debt are being hit by increasingly higher repayment rates, a new survey has shown
Britons looking to take on loan debt are being hit by increasingly higher repayment rates, a new survey has shown
News Article Search
Quick Apply
News Archive