Debt problems

The average debt for UK students graduating in 2006 increased by over 5 per cent, recent figures have shown.

According to statistics compiled by debt charity Credit Action, 2006 saw graduates leaving university with an average debt of a whacking £13,252. In addition, it was revealed that less than 40 per cent of young people know where to turn for help with debt problems.

Young people in the UK who have debt problems don't know where to turn for help, new statistics have shown.

Figures compiled by Credit Action, a debt charity, have revealed that nearly half of UK residents aged 16-24 feel pressured by friends to keep spending despite lack of money.

People up and down the UK find themselves in debt. However, for all the numbers spouted by debt help companies and advice bureaus Credit Action have become the accepted authority on the hard numbers.

It's hardly gone unnoticed that many people in the UK are experiencing significant debt problems. However, Money Extra have now released a report asking how significant these problems actually are.

MoneyExtra have released a report which could prove incredibly useful to people experiencing debt problems.

According to the business section of the Scotsman, debt problems are still rife throughout the UK and threaten to blow up into a serious financial crisis if not dealt with sooner rather than later.

Many parents are experiencing increased debt problems as they try to purchase only environmentally friendly products for their children.

A new report from Family Investments has shown that parents who select eco-friendly baby products must expect to pay £700 more than those choosing the low cost alternatives.

Young people in the UK are living at home with their parents for longer in order to avoid debt problems in their future as a result of escalating living costs.

New findings have shown that the more wealthy you are, the more likely you are to suffer debt problems and need help with your finances.

A report published by the Consumer Credit Counselling Service (CCCS) has shown that those earning the most money seem to have the greatest problem keeping hold of it.

A new debt help report from MoneyExtra has listed some sound advice on how to deal with credit problems.

A leading financial website has warned that many credit card companies are offering long interest free periods in the hope that people will spend massive amounts of money and enter significant debt problems.

According to new figures from MoneyExtra, increased deposits on property are leaving consumers struggling with greater debt problems.

The group reported that the average mortgage deposit put down by first-time buyers in February was almost 11 per cent higher than a year ago.

Many UK consumers are making poor financial decisions, which is only adding to their debt problems according to uSwitch.com.

The group have reported that getting finance deals from shops or showrooms can add massive amounts of interest to products which makes their overall cost staggeringly larger.

Those struggling with debt problems and poor credit ratings in the UK should consider a basic bank account according to a new report from the 1 Stop Finance Shop.

Credit Action, the UK debt charity has warned that people in the country must start to consider saving money for when they really need it, or continue to experience increasing debt problems.

According to new research from mortgage brokers John Charcol, people who give up smoking could ease their debt problems greatly.

The group have reported that homeowners with a 25-year mortgage could repay the loan eight years early and save £27,000 in interest, if they put all of their cigarette money towards paying for their home.

New research from Abbey has shown that people in the UK are being charged a total of nearly £300 million, simply for paying their home insurance by direct debit, which is adding to many consumer's debt problems.

Citizen's Advice have warned that people in the UK experiencing debt problems will now come under serious threat from bailiffs after new legislation was passed by the government. 

Many people in the UK will consider moving to a smaller property in order to avoid debt problems once they've retired.

Research from the Yorkshire Bank has shown that 11% of parents are considering downgrading their property once their children have left home.

A number of free cash machines that will be launched up and down the UK will help those experiencing debt problems.

Over 300 new machines will be placed in different parts of the country, allowing consumers to withdraw cash without incurring a charge. 

The Office of Fair Trading (OFT) have sent a list of recommendations to banks in the UK geared towards helping customers with debt problems.

Amongst the new measures is a minimum 14 days notification period that has to be given before all charges and interest are taken from customers' accounts.

A leading industry expert has commented that  financial education should be compulsory in schools, as it would help the debt problems in the UK.

Investment manager for Hargreaves Lansdown, Ben Yearsley commented that by educating monetary issues to children before they leave school, they would be less likely to find themselves in debt.

A new report from the Debt Counsellors has shown that British consumers with debt problems blame themselves more than anyone else.

Figures published by the group show 67% of people took responsibility for their own problems, 7% pointed the finger at someone else and 27% said their problems were related to things beyond their immediate control.

New research has found that debt problems continue to be a major reason behind relationships breaking down.

CreditExpert reported that over 26% of couples say their poor financial situation are the main cause of arguments and 5% agreed they had ended a relationship for the same reason. 

The number of people falling victim to ID theft and fraud in the UK rose in 2006, and will continue to add to debt problems throughout the country.

According to figures from CIFAS, the top three false or stolen documents used by fraudsters to attempt identity fraud in 2006 were: utility bills, passports and bank statements.

MoneyExpert has reported that many people could be having their debt problems worsened simply by the fact they don't understand financial terminology.

The group commented: "We think there is a lot of terminology which makes financial services look quite difficult, when in actual fact the bottom line is that it is actually quite straightforward."
 

It's feared that people in the UK already booking their summer holidays are adding to their debt problems.

A report from Morgan Stanley has shown that people are on average putting £285 on their credit cards to pay for summer vacations, which is adding to growing British personal debt.

The amount of personal debt in the UK has been closely linked to poor health for the first time.

New research from Standard life has shown that for people missing substantial amounts of time off work - the cost was on average £5,320 which only served to add to many people's personal debt.

The debt advice website insolvencyhelpline.co.uk has published a ten step guide to handling debt, with tips on dealing with creditors and interest charges.