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Economists are doubtful that the Bank of England will cut the base rate in July after leaving it standing at 5% when the committee met earlier this month.
Reuters news agency took a poll of what economists were predicting would happen with interest rates and the majority are expecting rates to be held following the next […]

When interest rates increased again it was another blow to families holding mortgages and loans. Families with a £100,000 homeowner loan will have experienced a 20% increase in the amount they must repay on their mortgage within the last 12 months.
The current repayments are now between £655 and £660 a month, according to the Principality […]

The latest interest rate hike to 5.75 per cent will have a disastrous effect on millions of UK borrowers. It will push people closer to insolvency, according to Debt Advisers Direct.
2007 may go down as the worst year ever for Britain’s debt crisis.
“Consumers still reeling from the May increase who are already stretched to the […]

The Tories urged the government to take action on the “totally unacceptable scandal” of error and fraud in the tax credits system.
George Osborne, the shadow chancellor said that in 2005-06 the Inland Revenue overpaid £1.7bn to claimants and underpaid £549m.
“That’s well over £2bn in mistaken payments that bring hardship to many hundreds of thousands of […]

Despite charity and government’s best efforts, bad debts are on the rise in the UK. Reports from one third of UK banks and seventy five percent of buildings societies show that 2007 will be a benchmark year, according to statements from PricewaterhouseCoopers (PWC).
The report stated: “We know there has been a problem with bad loans […]

Experts have warned that bogus payslips that are being sold online are letting borrowers exaggerate their income to fraudulently take out mortgages and loans that they otherwise would not be able to afford.  There has been an increasing number of sites online that are currently offering to print salary details without checking whether claimants are […]

The Prudential reported recently that many people spend their pay bonuses in advance or borrow money against promised pay raises, but it now turns out the problem is worse than the public thought.  The Pru now report that consumers are so ignorant about tax that they overestimate the amount of pay increase or bonus they […]

With the number of economic predictions out there, it is difficult for individuals to determine whether the economy is safe enough to invest.  The conflicting predictions are causing stress among many households.  Most people are unsure whether to buy a house, or invest their spare money in funds.
Until recently adults in the UK had more […]

An article published by the BBC highlights the growing problem of Celebrity Emulation.  The corporation have identified a number of people in their 20’s and 30’s who are bankrupting themselves in an attempt to appear wealthy by spending a fortune in bars and clubs frequented by the stars.
These high-spenders accept that they can’t afford the […]

A record number of consumers went insolvent in the first three months of 2007, an indication that the economy has started on the downward trend.  Statistics from the Government’s Insolvency Service claims that 30,075 people declared bankruptcy or applied for an Individual Voluntary Arrangement (IVA) - the first time a quarterly total broke the 30,000 […]