Credit Action – Debt Stats Round Up (February 2012)

  • Every 4.21 minutes someone will be declared insolvent or bankrupt
  • Every 14.17 minutes a property is repossessed
  • 1,797 people were made redundant every day between September and November 2011
  • Citizens Advice Bureaux deal with 8,652 new debt problems each working day
  • The average household debt (including mortgages) is £55,823
  • 857,000 people in the UK have been unemployed for 12 months or more
  • £171,000,000 is the amount of personal interest paid in the UK on a daily basis

Still paying for Christmas?

Figures from LV suggest that UK parents spent a collective £2.47 billion pounds on their kids over Christmas 2011.

LV said that mums and dads were set to spend an average of £157 on presents and £21 on stocking fillers per child.  This means that overall £178 was spent on average per child (up from £168 over Christmas 2010).

Breaking the figures down by age group, 7-11 year olds were the most expensive to buy for with parents spending an average of £220 per child on kids in this range.  They were closely followed by 12-17 year olds, who had £217 per child spent on them over Christmas.


Source:  Credit Action – January 2012 edition

Ten ways to cut your energy bills

A recent article in The Telegraph outlined 10 ways to cut your energy bills, we’ve summarised them below:

  1. Turn your thermostat down – reducing the room temperature by 1C could cut your heating bills by up to 10% and typically saves around £60 per year.
  2. Is your water too hot?  Your cylinder thermostat should be set at 60C/140F.
  3. Close your curtains at dusk to stop heat escaping and check for draughts around your windows and doors.
  4. Always turn off the lights when you leave a room.
  5. Don’t leave appliances on standby and don’t leave laptops and mobile phones on charge unnecessarily.
  6. Fill up the washing machine, tumble dryer or dishwasher – one full load uses less energy than two half loads.
  7. Only boil as much water as you need when using an electric kettle.
  8. Fix leaking taps and make sure they’re fully turned off when not in use.
  9. Use energy saving light bulbs.
  10. Do a home energy check – visit Energy Saving Trust for more information.

Are you on top of your Direct Debits?

A survey by has suggested that 38% of customers who use Direct Debit to manage their bills don’t know exactly how much money is leaving their account each month.

Moreover, 7% say that the last time they checked their statement they noticed a Direct Debit that they had forgotten about.

This is a wide-reaching issue with saying that 95% of current account holders utilise Direct Debits and that Brits use them to pay a collective £13.7 billion every month.


Source:  Credit Action – January 2012 edition

Would you like to be more financially educated?

A report by Friends Life has found that 83% of people do not feel that enough is being done to educate people about financial matters.  63% said they wished they had received financial education in school and 65% thought that financial education should be provided in the workplace.

The study also found that 48% of people disagree with the suggestion that the nation’s children will be more financially savvy than previous generations, while only one in five people agree.

Friends Life also suggest that a lack of financial awareness means that increasing numbers of school leavers and graduates have no idea where to go for advice on pensions – over 65% of 18-24 year olds did not know how to get this advice.


Source:  Credit Action – January 2012 edition

Consumer confidence – 2012 will be another bleak year for Brits

Consumers are expecting a tough 2012 as the reality of another year of price hikes, pay freezes and austerity measures bites deep, according to new research from

The research highlighted:

  • Less than half of Brits are feeling confident about the new year and what it holds for them
  • Just 3% are feeling very confident
  • Nearly four in ten people will be financially worse off next year
  • 76% of consumers are worried about the rising cost of living, while 63% are concerned about household bills
  • The main priorities for consumers in 2012 will be saving money and clearing debt