Browsing "Personal Debt"

A “Banxious” Nation of “Financial Ostriches” – Barclays

Oct 29, 2012   //   by Keith McDonald   //   Banking and Savings Accounts, Personal Debt  //  6 Comments

Barclays "Financial Ostriches"

Here’s a new one in the grand list of rhetorical persuasions that has glossed the UK since the onset of the financial crisis. According to Barclays, Britain is “a nation of Financial Ostriches” – on account that its good citizens bury their heads firmly in the sand when it comes to the state of their finances.

Collectively, we suffer from chronic Banxiety, the bank says – the dextrous art of deliberately ignoring bank statements. Over one third (36%) of those that receive one of the nine million paper statements issued per year admit to being reluctant to open them or preferring not to do so at all.

The younger generation are particularly fearful, with 55% of 18-24 year olds admitting that they shun their statements. Overall, 45% of people are unable to say how much money is in their main bank account.

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How Do You Get Out of Debt?

Oct 22, 2012   //   by Daniel Morris   //   Personal Debt  //  Comments Off on How Do You Get Out of Debt?

Getting out of debt may be not as easy as it seems but it can be done. Figuring out how to get out of debt is one of the most common questions when it comes to personal finances. There a variety of ways you can get out of debt but some ways may be better than others, depending on how they are implemented. Preventing additional debt accumulation, keeping spending to a minimum (preferably less than what you make) and using what you have left after paying necessary expenses may help you get the upper hand on financial control. The following tips may help you create a personal plan you can stick with to help you successfully get out of debt, you will also find additional information on how to get out of debt at www.askinz.com

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Savings, Secrets and the Psyche

Sep 4, 2012   //   by Keith McDonald   //   Credit Cards, Personal Debt  //  2 Comments

Flashing the CashLast year, we sparked a little bit of interest through a story about people hiding their savings from partners and spouses.

More than one in ten, it was revealed, kept a secret stash of over £1,000 in secret savings accounts, either because they were unsure about their marriage or because they didn’t trust their partner’s financial decision making.

One of the deeper issues at stake was that, to a certain degree, finance remains a taboo subject. One in five of those polled (aged 40+) said that they had never discussed retirement finance with their partner, with most admitting that they were uncomfortable with the idea.

And the culture of secrecy is one that spreads far beyond this localised scenario. Not long ago, I wrote that secrecy and spending was hardly a new phenomenon; rather, it’s the hallmark of some of the most fascinating periods of monarchical history. [Read more.]

It’s turning into quite a fashionable subject. We cannot quite help ourselves but want to know what others are getting up to behind closed doors, not least during a recession when behaviour can change so radically and self-preservation comes to the fore.

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The Truth Behind Debt Advice and IVAs

Jul 3, 2012   //   by Daniel Morris   //   Guest Post, Personal Debt  //  1 Comment

Financial comparison websites are there for consumers to purchase financial services products such as general insurance, credit cards, loans and savings accounts. One purpose of price comparison websites is to see everyone have access to appropriate financial products, and the confidence and capability to use them to make a positive difference to their lives.

Many people, particularly those living on low incomes, cannot access mainstream financial products such as bank accounts and low cost loans. This financial exclusion imposes real costs on individuals and their families, often the most vulnerable people in our society. It also has costs for the communities in which they live.

For many families, debt means that substantial parts of their weekly income are spent on servicing loans, and usually for goods already consumed, such as food, petrol or clothing. The consequences of servicing high levels of debt are financially crippling, and have disastrous effects on these families’ health and wellbeing. Access to affordable and available credit would go some way to ameliorating this situation.

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Credit Card Debt Consolidation Loans – Manage Over Dues

Mar 7, 2012   //   by Daniel Morris   //   Personal Debt  //  1 Comment

Credit Cards

Using a credit card is just like borrowing some loan and this is a situation where you are allowed some amount that you can be using for your financial needs. The amount allowed in each case usually has a limit and once this is reached, you have to clear your debt before you can benefit from the same credit card again. However, using a credit card is very expensive and it is good to use it only when it is really necessary.

There are a number of credit card companies and it is therefore possible for one to have a number of credit cards. This goes without saying that you will easily end up with multiple debts on using these cards and you may find it hard handling all these at once. If you are experiencing such a situation, you can opt for credit card debt consolidation loans where you will then repay these credit card debts using the amount you get.

How does this debt consolidation work?

Once you repay all your credit card debts, you will now have only the debt consolidation loan to sort out and this will be quite easy to manage. Debt consolidation will also help you to avoid the frustrations and stress involved in dealing with a number of lenders as some of them even end up with numerous collection calls on delaying their repayments. You will also reduce cases that can taint your credit report like missing and late repayments.

By choosing a good company or lender who offers credit card debt consolidation loans, you can receive some free credit counseling. This is where you will be assisted to understand what went wrong and you will also get proper advice on how to prevent this from happening in future applications for funding. Some debt consolidation companies will also offer you some of their resources like books or even DVDs to help you in debt management.

By choosing the right credit card debt consolidation loans, you can even save some cash and this is where you should search for the lender allowing the best interest rates but ensure that the terms will also be friendly. This is so because the longer you stay with credit card debts, the more interest they will earn and you can avoid all this by repaying them at once. A debt consolidation company can help you in finding the best offer.

If your credit card debts are getting out of hand, you can decide on credit card debt consolidation loans to get easier control of the debts. This will also help you to save some considerable amount since staying with credit cards is quite expensive.

 

This is a guest post from Sushil Kumar and does not neccesarily reflect the views of Which4u or our writers.

A Debt Negotiation’s Cease & Desist Letters May Not Save Consumers

Jan 18, 2012   //   by Daniel Morris   //   Personal Debt  //  Comments Off on A Debt Negotiation’s Cease & Desist Letters May Not Save Consumers

The tactic of sending the cease and desist letter may be better left for extreme cases of harassment. In most cases, the cease and desist letter only leads to even more difficulties for consumers to navigate through, but it is a tactic that debt negotiation companies often suggest they can use to stop the collections calls. These companies may actually not be able to do everything they promise, or they will make the situation much worse.

What a Debt Negotiation Company Cannot Do

The Fair Debt Collections Practices Act (FDCPA) informs everyone of how collections agencies are required to act when they are performing their collections duties. This act does not prevent a collections agency from ever contacting the debtor if a cease and desist letter is sent, but some debt negotiation companies may suggest that they can make this happen. It may be in the debtors’ best interests not to hire companies making these claims. Read More »

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