Two million British people have reported that their credit score has been negatively impacted after they failed to make timely repayments to buy now, pay later service providers. 60% of all buy now, pay later users didn’t know about the impact missing a payment could have on their credit history. The buy now, pay later […]
Category: Debt
40% Of Millennials Are Hopeful They Can Get Rid Of All Outstanding Debt By 2025, Study Finds
A poll has revealed that 40% of all millennials feel they are in a good position to eliminate all debt by the mid of this decade. The average millennial is carrying a debt of around $27,900, excluding any amount owed on mortgage loans. A recent poll conducted by CreditCards.com through YouGov, with over 2,600 adults […]
These UK Cities Could Struggle When Repaying Debt Acquired Over Christmas
Millions of people in the UK are carrying forward debt acquired to fund the Christmas holidays. People in some regions, especially in parts of Scotland, are especially vulnerable to struggling with their outstanding Christmas debt. Many people plan to use their credit cards to finance their outstanding debt. Christmas is always the most wonderful time […]
Experts Warn Households To Quickly Settle Christmas Overdrafts As Banks Are All Set To Increase Overdraft Rates To 40%
Some banks have already increased rates, such as Nationwide which is now charging 39.9% on arranged overdrafts. Other banks, like HSBC, have also announced plans to increase overdraft rates this year. HSBC has set the date for the new changes to take effect from 14th March. Many people have taken overdraft loans to fund Christmas […]
Around 14 Million Britons Owe More Than £2,000 In Debt, With 5 Million Owing More Than £10,000, According To Poll
According to a poll, around 9 million people in Britain owe between £2,000-£10,000 and 5 million owe over £10,000 to loan providers. An estimated 63% of Britons have entered the new year with debt of varying proportions. For a country with an estimated population of 66.44 million people, around 5 million are currently dealing with […]
A Systematic Catastrophe: 45 Million Students In The US Owe The Government $1.6tn
Out of the 45 million students with outstanding student debt, around 33% of them belong to the 25 to 34-year-old age group. According to experts, federal and state funding cuts are the primary reason why student debt has inflated to such an extreme point. Experts are recommending students should find the right fit between the […]
Universal Credit Benefits Deducted To Repay Debts and Loans
Over 1 million universal credit claimants have their benefits recouped to settle debts and loans Universal credit is pushing people into poverty instead of helping them Labour Party suggests that it will scrap out universal credit if it wins the upcoming General Election Millions of families on universal credit have their benefits deducted to repay […]
UK’s Biggest Lenders Write Off £1.76 Billion In Bad Debt
UK’s biggest lenders write off loans of £1.76 billion a more than 50% from last year Growing bad debt a result of the uncertainty around Brexit situation and slowing global economy Banks to take a hit on their revenues because of declining mortgage interest rates in the past five years The growing rate of writing […]
Debt Consolidation Can Help Consumers Deal With Heavy Credit Card Debt As Well As Improve Their Credit Scores
Debt consolidation can help boost your credit score besides making payment of your bills modest. The process of debt consolidation involves combining your unsecured debt into a single facility paid per month. Debt consolidation can help in lowering monthly payments, lower interest rates, protecting credit and getting out of credit quickly. Debt consolidation is a […]
First Direct To Relax Its Credit Requirements For Customers With Bad Credit Score
Internet-based bank First Direct will start allowing customers with bad credit histories to open accounts. This is in a bid to help them in boosting their credit scores going forward. The bank plans to have a makeover so that it can be accessible to many people. This will thus help the bank to take on […]