Two thirds hope to have repaid mortgage by 50

According to research by The Co-operative Bank Mortgages, almost two thirds (62%) of mortgage holders hope to have repaid their mortgage by the time they reach 50, headlinemoney.co.uk reports. The findings revealed that if they repaid their mortgage in full, just over half of the respondents would go on more...

14m people use credit cards for day-to-day spending

A survey by moneysupermarket.com has found that more than 14m people are using their credit cards for day-to-day spending, with one in five carrying three or more cards, the Telegraph reports. Although credit card interest rates have reached their highest level in 12 years (according to Moneyfacts), many...

Trust Deeds & bankruptcies reach all-time high in Scotland

According to figures from the Insolvency Service, the number of personal insolvencies in Scotland reached an all-time high in 2009. The number of personal insolvencies reached 23,482. This was made up of 14,356 sequestrations/bankruptcies and 9,126 Protected Trust Deeds (essentially the Scottish equivalent...

1 in 10 keep heating on all day despite risk of energy debt

According to Confused.com, 1 in 10 households keep their heating on all day to keep their house warm for when they return home. This, however, could be putting their finances under pressure and putting them at risk of running up energy debts. The website’s research found that a large number of...

Tighter regulations on repossession?

The Ministry of Justice (MoJ) is considering whether new regulations are required to protect indebted borrowers against losing their homes, The Times reports. If agreed on, new rules could provide homeowners with ‘mounting credit card or loan bills’ with greater protection ‘against the...

R3: record insolvencies ‘just the tip of the debt iceberg’

According to insolvency trade body R3 (the Association of Business Recovery Professionals), the latest insolvency figures, showing record insolvencies in 2009, are ‘just the tip of the debt iceberg’ – as almost one million borrowers are struggling with their debts without seeking debt...

Personal loan rates hit 9-year high

According to experts, banks are increasing the interest they charge on personal loans as they try to ‘recoup the losses stemming from defaults on loans’, the Telegraph reports. The effects of the recession, including rising unemployment, have led to many households finding their debt repayments...

Households look to take in lodgers to help pay debts

Figures from house-share website Spareroom.co.uk have revealed that the number of households looking to take in a lodger to help clear their debts increased by 27% during the first 14 days of 2010, the Telegraph reports. A survey found that 65% of respondents were ‘overstretched financially’ and...

UK economy ‘out of recession’

Figures from the Office for National Statistics (ONS) show that the UK economy has exited recession – expanding by 0.1% in the fourth quarter of 2009, the BBC reports. After contracting for six consecutive quarters, the economy has come out of its longest recession since quarterly figures were recorded...

Fuel debt: number of families struggling with utility bills could rise

Consumers groups are warning that ‘a combination of cold weather, high gas and electricity prices and mounting pressure on disposable incomes’ could lead to an increase in the number of families falling into debt with energy suppliers, The Independent reports. The warning comes after a recent...