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Debt management weekly round-up

18/03/2011

At the start of the week we told you about how British consumers struggling against debts problems have been warned to avoid resorting to payday loan companies.

Several British MPs have urged caution against consumers engaging with such firms, as recent months have seen a surge in the presence of such companies.

And on Tuesday we found out that people in the UK are currently having their debt problems made worse by the energy debt currently blighting the country.

New figures from Ofgem show that one million electricity customers and 0.9 million gas customers are officially repaying energy debts at present.

But uSwitch says Ofgem isn’t including customers already on debt repayment programmes, which uSwitch reveals amounts to as many as five million households.

Having children, however, appears to cause people with debt problems to improve their debt management skills in a bid to protect their offspring.

A new survey from the ethical banking group Triodos, finds that 44 per cent of parents view the advent of having children as the standout reason for addressing their financial issues.

Debt solutions expert Kevin Still, says, "According to a poll conducted by NOP, UK consumers expect the cost of living to rise above Bank of England expectations in 2011, having a knock on affect on consumer confidence with the prospects of further reduction in disposable income and the potential for debt problems." ADNFCR-2613-ID-19953876-ADNFCR