Atlantic Financial Management

SITEMAP

Debt management weekly roundup

07/02/2011

This week it was revealed the British public could well have to undertake debt management in their droves in this year, as it becomes apparent debt problems are only just beginning to make their real impact.

Debt charity Money Advice Trust says 13 per cent of people made redundant in the last three years now have unmanageable debt problems.

More consumers could be facing debt problems in Britain today, as MGM thinks that overall British households must now find an extra £2.6 billion to maintain the standard of living enjoyed 12 months ago, and stay out of debt problems.

And debt problems from credit card borrowing could be about to peak, as its been revealed rates on plastic have hit a 13 year high.

Moneyfacts says the typical rate for new customers is at a 13 year high of 18.9 per cent - from a low point of 14.8 per cent in February 2006.

Matters could be made worse, however, should people rely on credit cards as their one and only financial failsafe, according to Scottish Provident.

The protection cover provider made the comment in reaction to news the Post Office revealed 11.5 million people turned to plastic in order to make everyday purchases. ADNFCR-2613-ID-19952168-ADNFCR