Financial squeeze set to hit families

According to the Consumer Credit Counselling Service (CCCS), higher tax thresholds, fewer tax credits and rising interest rates are likely to push more middle-earning families into debt.

The charity reported that vulnerable families, especially those with lots of children, will continue to face financial pain.

Read the full article at bbc.co.uk

0% interest credit card deals – read the small print!

The BBC has reported that credit card providers are currently in competition with each other to increase the time period of 0% interest on debt that customers switch from other cards.

However, financial groups are warning customers to take care over the small print of such deals including the interest rate that you’ll revert to once the introductory rate has finished.

Read the full article here.

Debt Facts and Figures

Some striking numbers about UK personal debt, courtesy of Credit Action:

  • The average household debt (including mortgages) is currently £57,635
  • Every 17 minutes a property is repossessed
  • Every 4.28 minutes, someone will be declared insolvent or bankrupt
  • The Citizens Advice Bureaux deal with 8,004 new debt problems every working day
  • 1,589 people are made redundant daily

So, if you have debt worries, you can see that you’re not alone.  Get in touch with us today.  We may be able to help.

Credit Action warns 45 major changes to take effect in April 2011

In April 2011, a total of 45 significant changes will come into force as the Coalition Government enacts the reforms it has announced over the past months.  National money education charity Credit Action, is warning families and individuals alike of the changes that will take effect in April 2011, as all will be affected.

The full report of the 45 changes due to take effect in April is available on the Credit Action website.

Should you pre-book a mortgage deal now?

With mortgage rates expected to rise in the coming months, pre-booking your mortgage could save you thousands in the long run, but you could end up losing out now.

Money.co.uk has pulled together everything you need to know about reserving the best mortgage rate, which should help you to decide what is right for you.

Read the article at money.co.uk

Personal insolvencies at new high in England & Wales

A record number of people were declared insolvent in England & Wales in 2010, although the number of new cases fell in the last three months of the year.

There were 135,089 people declared insolvent last year according to The Insolvency Service, up 0.7% on 2009 and the highest since records began in 1960.

Read the full article at bbc.co.uk