Earn up to $60 per sale with our guide to home loans, also known as home borrowing or second mortgages. The finance niche is Hot! Get into the game and promote our ebook today with 50% per sale!
New Ebook! Home Equity Borrowing Guide – Personal Loans/Refinance
Glen Ridge police: two more Winsor Place households hit by ID theft
Two more Winsor Place households have reported being victimized by identity thieves this month. The police have now received at least nine reports of identity theft from that street since January
Read more on The Record
Exclusive: Million dollar ID theft operation busted
The Justice Department says it has busted an identity theft operation that cost a lot of people a lot of money.
Read more on 6abc Philadelphia
Jail for personal assistant who pocketed $175,000
FOR more than a year, Noreen Cainong Enriquez pocketed more than $151,800 of her company’s money. The Filipino national, who is a permanent resident here, also applied for credit cards in her boss’s name to obtain cash advances and credit amounting to more than $25,000. On Wednesday, the 35-year-old was jailed 21/2 years.
Read more on Straits Times
I recently paid off ALL of my CREDIT CARD DEBT. Was over $40k just a few years ago. . . So I called to cancel my credit cards and close my accounts. I also asked them to remove my name from their databases. They said they have to keep my personal info for tax purposes? I want my name out of their SERVERS! Help!
Afghan Lender Disputes Bigger Losses at Kabul Bank
The Afghan Central Bank rejected accounts by news agencies that Afghanistan’s largest bank had hundreds of millions dollars more in losses than previously publicized.
Read more on New York Times
GM declines federal loans
General Motors Corp. has decided to withdraw its application for $14.4 billion in direct loans from the U.S. Department of Energy even as it moves up the rollout of the electric-powered Chevrolet Volt.
Read more on The Oakland Press
Personal Finance Daily: With credit-card rule, spouse’s income won’t count
If the Federal Reserve has its way with a proposed rule, then stay-at-home parents may find it hard to get a new credit card. Read that story and more in today’s Personal Finance Daily.
Read more on Market Watch
Now Earn 50% On All Sales! Taxes, Credit Repair, Bad Credit, Budget, Family Budget, Forex, Forex Trading, Online Trading, Share Trading, Trading, Real Estate, Investment, Health Insurance
Ultimate Collection Of Personal Finance eBooks – 7 Sites To Promote!
Let a qualified accountant show you the budgeting tricks that others won’t. Discover how to get rid of credit card debt, learn how to improve your budgeting skills and also be able to teach your kids the value of money using a few simple steps.
How to create a Personal Budget
Reducing personal debt levels in the UK must be a priority
Free Online Articles Directory
Why Submit Articles?
Top Authors
Top Articles
FAQ
AB Answers
0 && $.browser.msie ) {
var ie_version = parseInt($.browser.version);
if(ie_version Hello Guest
Login
Register
Hello
My Home
Sign Out
Email
Password
Remember me?
Lost Password?
Home Page > Finance > Reducing personal debt levels in the UK must be a priority
Reducing personal debt levels in the UK must be a priority
Posted: Aug 24, 2009 |Comments: 0
|
]]>
Over the past decade, we have seen the levels of personal debt in the UK rise dramatically. According to recent figures from the Bank of England, Britons currently owe c£230 billion in unsecured debt (not including mortgages and secured loans). I have argued the reasons for this rise in debt on a number of occasions and believe that there is no one reason why levels have grown. Rather I believe that the growth of debt is a combination of both the individual’s willingness to borrow and banks willingness to lend.
A willingness to borrow has been fuelled by a number of factors. Firstly borrowing has become much more acceptable in today’s society. If we look back 20 years, borrowing to pay for household items such as furniture and white goods was far rarer. Back then if you had admitted to paying for your new sofa on HP, eyebrows would have been raised. Now, if you say that you are not going to buy new furniture because you do not want to take credit, this is considered strange.
In addition to society’s changing attitudes towards credit, in the past decade people have (on paper at least) become wealthier than ever before. This is largely due to the significant increase in property prices since the late 1990’s. As prices have risen, home owners have seen the amount of equity in their property vastly increase. This has given many the confidences to increase their personal borrowings safe in the knowledge that they have their house to fall back on through a re-mortgage if things get out of hand.
Hand in hand with the consumer’s willingness to borrow has been the banks willingness to lend. Over the past few years, many banks attitudes to risk became almost blasé. This situation has arguably meant that many individuals have been lent far more than was sensible given that the good times rarely last forever.
The current economic downturn has caused property prices to significantly fall and lending levels to contract. Many people are suffering financial difficulty because of falling incomes and debts that they can no longer afford to service. Arguably, this situation has been minimised by the Bank of England’s decision to reduce interest rates meaning many current mortgage costs have been significantly reduced. However, if unemployment continues to grow, even this may not be enough to save some borrowers from financial disaster.
Despite all the current gloomy economic news, few people believe that the economy will remain in the Doldrums forever. However, when the recovery does start in earnest, we may find that memories are short and the bad times will swiftly be forgotten. The question is how should we try and protect ourselves from falling quite so deeply into trouble in the future?
Some have called for the government to restrict the lending practices of the commercial banks. I do not feel that direct restrictions are the correct course of action if we want to live in a free market society. However, I do believe that bank’s lending practices and marketing tactics were allowed to run too freely during the late 1990 and 2000s. Perhaps regulation surrounding these needs to be tightened. In addition, I believe there should be more done to assist the banks in making their lending decisions. This would involve a greater sharing of information between institutions on the financial health of prospective individual borrowers. However, the is clearly an emotive subject when data protection and privacy issues are taken into consideration.
I also believe that individuals themselves must take a greater responsibility for their future financial wellbeing. One of the skills that has largely been lost from family life is the ability to budget and therefore save for the items we want to buy. If more people were to save for a rainy day, I believe the numbers who find themselves in financial difficulty and have to declare insolvency would be significantly reduced. Of course, making this a reality is easier said than done. However, perhaps one place to start is better financial education in our schools?
Once we climb out of the current financial crisis, I believe that working to reduce the levels of personal debt in the UK and therefore reducing the risk of future problems must be a priority. This will not be easy. It will take the combined efforts of both government, banking institutions and a change in individual attitudes to borrowing and saving. The time to start however is now.
Retrieved from “http://www.articlesbase.com/finance-articles/reducing-personal-debt-levels-in-the-uk-must-be-a-priority-1155951.html”
(ArticlesBase SC #1155951)
Liked this article? Click here to publish it on your website or blog, it’s free and easy!
Steve Jackson -
About the Author:
Steve Jackson, Author for BeatMyDebt. For more information related to, Personal Debt Solutions visit, http://www.beatmydebt.com
]]>
Questions and Answers
Ask our experts your Finance related questions here…200 Characters left
I am a sole director of a limited company, If i add my husbands name on and the company gets a loan could he be the guarantor, would we both have to be the guarantors . As have some personal debt
I have a mortgage with abbey i cant afford/ id like to transfer the mortgage to another cheaper property to keep the cost down only i went to a debt company for my credit cards and now on a debt plan
A business credit card debt was reported in my Personal Credit report as a O-9 (COLLECTION).Can a business debt that was open under my EIN be reported in my personal credit report? How can I remove it
Rate this Article
vote(s)
0 vote(s)
Feedback
RSS
Print
Email
Re-Publish
Article Tags:
personal debt, personal debt solutions, personal debt problems uk, personal debt advice online, debt solutions uk, personal debt help
Latest Finance Articles
More from Steve Jackson
Debt Reduction Tips – Evaluating Personal Debt
Learn how to reduce or eliminate you debt with this instructional video – How do I evaluate my personal debt? (00:57)
Isn’t it wrong not to pay your debts? (01:11)
How To Start Your Own Debt Cancellation Plan
Markita Aldridge discusses personal finance and where to start if you do your own debt cancellation plan (00:48)
The Effects Of Personal Bankruptcy On Your Credit
Markita Aldridge discusses personal finance and how does personal bankruptcy affect your credit (01:01)
Hurting Your Chances Of Getting Out Of Debt
Markita Aldridge discusses personal finance and what might hurt your chances of getting out of debt (00:55)
Debt Problems – How To Best Attack Your Debts
Debts become a problem when you don’t know how to manage it and the way out of it. Debt is a serious problem. It is easy to run away or to ignore a problem. But, a wise man will face the problem boldly and will try to find a remedy for it. It is always best to deal with debt problems from its developing stage. Read the article to know how to get out of debts………
By:
Chester Fraizerl
Finance>
Debt Consolidationl
Jun 23, 2010
Debt Consolidation: Taking the Burden Off Your Shoulders
Debt consolidation will go a long way in improving the debt settlement results. Debt consolidation can help you for the entire term of the loan. Being informed is the key to the success of debt consolidation loans. With lenders undertaking to personally negotiate on behalf of the borrowers, this is sure to be very helpful.
By:
Michael Moorel
The full form of IVA is Individual Voluntary Arrangement based in UK; it’s a legal and a formal agreement between the borrower and the lender to reach a settlement about the repayment of debts or bad debt.
By:
ukfinancialsl
Say No To Debt Spiral with Debt Consolidation Advice
The increasing levels of debts are taking a pace in Britain and the people are consequently falling under stress. But, a simple advice for the management of the mounting debts could be easily accomplished with a debt consolidation advice.
By:
Gracy Bonsul
Finance>
Debt Consolidationl
Dec 09, 2009
The hardest bit about having a debt problem is admitting to it in the first place. The most important bit is knowing what to do about it. With so many IVA, debt management and debt consolidation companies advertising on daytime TV, in the back of newspapers and online, it’s difficult to know which solution is the right one for you.
By:
James Coxl
Finance>
Debt Consolidationl
Nov 18, 2010
Debt Advice Birmingham – Debt Help For The Birmingham Area
Finding debt advice in Birmingham does not need to be at all difficult. Discover how people in the Birmingham and West Midlands area can be sure of getting the choice of the best debt advice in the UK.
By:
K D Garrowl
Finance>
Debt Consolidationl
Feb 13, 2010
The Many Companies That Deal With Debt Problems Uk Citizens Face
When a person gets into debt they usually feel they have everything under control. This feeling lasts only as long as your debts stay within reasonable grounds. For people who are suffering from debt problems UK has many solutions. These solutions will work providing that you look for help in time.
By:
Muna wa Wanjirul
Finance>
Debt Consolidationl
Jan 18, 2008
The only abstract you bed to do is honourable eat cardinal cookies separately enwrapped instead of breakfast and meal, which can greatly refrain instant and proffer outstanding comfortableness.
By:
RickyLiml
Financel
Jan 15, 2011
Attention!! Forex Traders! Do you finger you are beingness cheated??
By:
RickyLiml
Financel
Jan 15, 2011
1000 Calorie Challenge Tyc-If you want to manage your overweight as soon as possible
I expect most of people would like to see a way to decline fat quickly. But they cannot attain it. So when they try numerous another fat death ways.
By:
RickyLiml
Financel
Jan 15, 2011
Total Six Pack Abs Ebook-Truth about Abs has become the best-selling ebook based on the survey
When you hit whatever problems and doubts, you give ascertain answers in Total Six Pack Abs.
By:
RyaEnglisl
Financel
Jan 15, 2011
1000 Calorie Challenge Pdf-1000 Calorie Challenge can also show you how to combine
Are you really deed waiting to regress your unit in a nobble minute? Are you ease thwarted by delayed fat failure?
By:
HenriJunttill
Financel
Jan 15, 2011
The Hollywood Cookie Diet Reviews-Which to a large degree can help dieters lose weight
The only target you hit to do is righteous eat quaternity cookies severally enwrapped instead of breakfast and meal, which can greatly forestall dimension and offering zealous suitableness.
By:
Brt Gillettel
Financel
Jan 15, 2011
“Oh my god! I am stoutness!”Did you e’er screamed like this? Did you try to retrogress unit but break again and again?
By:
Brt Gillettel
Financel
Jan 15, 2011
Broker Nightmare Review-Take your own arms to protect your profits
Attention!! Forex Traders! Do you conceive you are beingness cheated??
By:
Brt Gillettel
Financel
Jan 15, 2011
Can you take credit after Individual Voluntary Arrangement or Bankruptcy?
Firstly it is important to understand that if you have entered into an individual voluntary arrangement or bankruptcy, this be recorded on the insolvency register and on your credit file. This record will remain in place for 6 years from the day that the arrangement started. In itself, this registration does not automatically prevent you from taking credit. Ultimately, if you apply for credit, the bank you approach will use its own criteria to decide whether to lend you money or not.
By:
Steve Jacksonl
Businessl
Aug 24, 2009
Company liquidation does not have to be the end of the road for businesses.
If a company is struggling and unable to continue trading perhaps due to a downturn in business and the weight of its outstanding debts, the director or directors may decide the best course of action is to close the business. This process is known as a creditor’s voluntary liquidation. In essence, the company’s creditors agree to liquidate the assets of the business and take a share of them to minimise their losses.
By:
Steve Jacksonl
Business>
Online Businessl
Aug 24, 2009
Should creditors petition for debtor’s bankruptcy given current economic conditions?
Any creditor owed more than £750 is eligible to petition for the bankruptcy of the person who owes them money. Over the past 10-20 years, this threat has been a powerful tool used when trying to persuade individuals to pay their debts. The main reason for this has been the significant increase in the value of homes and the subsequent equity which has been generated as a consequence. To have equity in a property gives an individual the sense that they own something of significant value which they
By:
Steve Jacksonl
Businessl
Aug 24, 2009
Reducing personal debt levels in the UK must be a priority
Over the past decade, we have seen the levels of personal debt in the UK rise dramatically. According to recent figures from the Bank of England, Britons currently owe c£230 billion in unsecured debt (not including mortgages and secured loans). I have argued the reasons for this rise in debt on a number of occasions and believe that there is no one reason why levels have grown. Rather I believe that the growth of debt is a combination of both the individual’s willingness to borrow and banks will
By:
Steve Jacksonl
Financel
Aug 24, 2009
Debt consolidation could help elderly in poverty cope
Figures released by the European Commission have revealed that the UK has one of the highest levels of poverty among its elderly population in the European Union (EU).
By:
Steve Jacksonl
Finance>
Debt Consolidationl
Aug 24, 2009
Add new Comment
Your Name: *
Your Email:
Comment Body: *
Verification code:*
* Required fields
Submit
Your Articles Here
It’s Free and easy
Sign Up Today
Author Navigation
My Home
Publish Article
View/Edit Articles
View/Edit Q&A
Edit your Account
Manage Authors
Statistics Page
Personal RSS Builder
My Home
Edit your Account
Update Profile
View/Edit Q&A
Publish Article
Author Box
Steve Jackson has 5 articles online
Articles Categories
All Categories
Advertising
Arts & Entertainment
Automotive
Beauty
Business
Careers
Computers
Education
Finance
Food and Beverage
Health
Hobbies
Home and Family
Home Improvement
Internet
Law
Marketing
News and Society
Relationships
Self Improvement
Shopping
Spirituality
Sports and Fitness
Technology
Travel
Writing
Accounting
Banking
Credit
Currency Trading
Day Trading
Debt Consolidation
Insurance
Investing
Loans
Mortgage
Personal Finance
Real Estate
Taxes
Wealth Building
]]>
Need Help?
Contact Us
FAQ
Submit Articles
Editorial Guidelines
Blog
Site Links
Recent Articles
Top Authors
Top Articles
Find Articles
Site Map
Webmasters
RSS Builder
RSS
Link to Us
Business Info
Advertising
Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2011 Free Articles by ArticlesBase.com, All rights reserved.
Steve Jackson, Author for BeatMyDebt. For more information related to, Personal Debt Solutions visit, http://www.beatmydebt.com
Regrettably these loans were made at different times for different amounts of money. There is no written agreement for these loans and there were no cheques. Nothing was ever signed everything was just verbal.
I’m applying to LSE and one of the questions for the personal statement asks, why would you choose to study in the UK?
I wrote a very controversial thesis in undergraduate school about Marxism and the global market economy. It received positive praise from a couple notable professors- but managed to offend a couple as well.
A huge reason I want to study development at LSE is because of my frustrations with the insular ideology and limitations of many US programs.
Is it too risky/offensive to discuss this in my PS?
It Doesn’t Matter Whether You Need $50,000… $500,000 Or $5 Million Or More — The Process Is The Same — And You Don’t Need Banks… Rich Relatives… Credit Scores… Tax Returns… Financial Statements… Or Any Collateral In Order To Get It!
Fund Your Business In 30 Days w/o A Credit Check Or Personal Guarantee
Powered by WordPress. New Golden Gray theme by William Pramana and Samuel T Trassare.