Women are in the grip of a ‘binge debt’ epidemic that is as perilous as binge drinking warn financial experts.
The ease of obtaining credit, the fact that many women are delaying settling down with a partner and the pay gap between the sexes means that they are facing far greater debt problems on average than [...]
The use of credit cards hit a plateau in 2005, the Association of Payment Clearing Services (Apacs) says.
Spending on credit cards climbed just 1% to £124bn, while the number of transactions dropped by 1% to 2.1 billion, Apacs said in a report.
The number of card holders who repaid their borrowing in full each month rose [...]
“Low income, combined with badly informed and poorly understood financial decisions, are at the root of many of our clients’ debt problems” say David Harker of Citizens Advice.
It could take 77 years on average for people asking Citizens Advice for help with debt to get back into the black, a report from the charity has [...]
Minister Jim Fitzpatrick suggests banks are partly to blame for their bad debts.
The government has rejected calls for more regulation of firms that market individual voluntary arrangements, known as IVAs, to people with debts.
Banks have been lobbying for stricter controls, claiming their own losses from bad debts have been due partly to unscrupulous marketing of [...]
Scottish trust deeds enable a debtor for making a formal and convenient proposal to the creditors for a time bound clearing of debts. Such a proposal is made only by the debtor who is no longer able to pay off debts and wants to avoid legal action and bankruptcy. Scottish trust deed is not a [...]
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