An increased number of Brits are now turning to Consolidation as a means of Debt Relief

An increased number of Brits are now turning to Consolidation as a means of Debt Relief As a nation struggling to manage our finances, it is estimated that approximately 6.5million of us here in the UK are turning to the idea of consolidating our debts. Figures from MoneyExpert.com show that over the last 3 years some 14% of Brits have taken the opportunity to consolidate their debts as a way to bring their borrowing and spending habits under some kind of control. Their research also shows that 1.29million people have consolidates debts of as much as £20,000 or more. This figure is the result of an accumulation of overdrafts, credit/store cards and loans. The trend is that it is the younger age ... Tags: Debt Consolidation

FT.com – Borrowers Face Caps on Loans

Jane Croft, a Retail Banking Correspondent has a great article in the FT about the UK liquidity issues in the Home Loan sector. A growing number of mortgage lenders are restricting home loans to customers outside certain geographic areas or are capping the maximum amounts homeowners can borrow at £350,000 as the credit squeeze intensifies. Nationwide, one of the UK's biggest lenders, has said that it will stop lending to first-time buyers who want to take out selfcertified mortgages where proof of income is not required. It is also stopping lending to all first-time buy-to-let landlords. In addition Nationwide, which lends to these specialist segments through its two divisions Mortgage Works and UCB, is capping the maximum it will lend to any borrower ... Tags: Home Loan Advice

Brits juggling many credit cards

Brits juggling many credit cards According to a recent report many Brits are juggling multiple credit cards and continuing to get themselves into debt despite the credit crunch and despite the financial woes that many households are facing due to higher energy, food, petrol, and mortgage costs. Figures show that over three million Brits have five or more credit cards that they are spending on, and this could simply add to the already massive personal debt problem in the UK. Although financial markets are in turmoil and credit conditions are tight due to the global credit crunch many Brits are continuing to spend way above their means. A third of Brits are said to have applied for another credit card over the past ... Tags: Debt Consolidation, Personal Loans