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Debt management weekly round-up

26/11/2010

The pressures of meeting the cost of Christmas will see more than half of British consumers use credit cards to fund their spending - despite many still having debt problems from credit used in the last festive period.

According to new research from Consumerintelligence.com, 55 per cent of people say they will use credit this Christmas – with more than a third of these consumers are still paying off their debts from last year.

People in financial difficulties should look into debt solutions that won't put their homes at risk, following a study from the Office of Fair Trading (OFT).

The regulator is looking to crack down on lenders who make homeowners secure their debt against their home, even if the amount owed is as little as £600.

Debt solutions which won't put the family home at risk, such as an Individual Voluntary Arrangement, or IVA – could provide a solution here.

Finally, households in Britain are reporting their personal finances are taking a turn for the worst, according to new research which could reveal how much debt help the nation really needs.

The Household Finance Index (HFI) for November 2010 from Markit shows almost 30 per cent of say their situation is getting worse - against a ratio of seven per cent of people who report their finances have improved.
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