What’s in store for interest rates in 2011?

Interest rates have been at a historic low for 20 months now, so what do experts predict will happen next year?

There are various thoughts, but according to an article on uSwitch.com, many believe that interest rates are set to stay at 0.5% until at least next October.

Read the full article here.

Online treatment to help debt and depression

A new service created by the Consumer Credit Counselling Service (CCCS) has been introduced to automatically screen for depression and anxiety when anyone uses ‘Debt Remedy’, their online debt counselling service.

The link between depression and debt is well established.  Recent research shows that between 50% and 90% of people in debt are anxious or depressed and are twice as likely to have suicidal thoughts.

Read the full article here.

UK household finances still stretched

According to a recent BBC article, UK households are still struggling financially.

The annual poll of almost 2,000 homes for the Bank of England found that more than half struggled to meet repayments for credit card or other unsecured debts.

About 22% of respondents said they were put off spending because of concern that it was becoming harder to borrow.  However, fewer than half had taken any steps in anticipation of budget cuts, such as increasing savings, working longer hours or looking for a new job.

Read the full article here.

Over 4 million people fear redundancy

More than four million people fear being made redundant according to R3, the trade body for Insolvency Professionals.  R3’s quarterly personal debt tracker shows an increase of 50% over the last three months with those aged between 25 and 34 being the most worried (16%).

Read the full article here.