Citizens Advice today welcomed the announcement by the Office of Fair Trading that many credit card and banking late payment charges were higher than is legally fair.
The OFT announcement means that fees for late payment of credit card bills, bank overdrafts or mortgages must not be set at a punitive level by banks, and can [...]

Charges for consumer banking could be the consequence of yesterday's ruling that banks and credit card companies should cut the penalties they charge defaulting borrowers.
The companies, which routinely charge up to £25 for late card repayments and unauthorised overdraft, were told by the Office of Fair Trading (OFT) that they must cut the fees to [...]

One in 11 adults have county court judgments (CCJs) registered against them in England and Wales, according to new research.
The figure highlights the rise of debt problems faced by Britons. UK borrowers now collectively owe more than £1 trillion (£1,000bn) on mortgages, credit cards and loans.
A CCJ is a court order against a [...]

Three-quarters of British borrowers claim to be comfortable with their debts, while 85% are confident they can meet repayments, according to figures published today.Despite Bank of England figures showing consumer borrowing in the UK has reached almost £1.2 trillion, the survey by CreditExpert revealed that the majority of debtors were confident about keeping up with [...]

Despite UK consumer debt reaching the £1.1 trillion mark, 75% of British borrowers claim to be 'comfortable' with their current level of borrowing - and 85% of all adults generally say they are confident about paying household or credit/store card bills on time and keeping up with any mortgage, loan or other credit agreement repayments [...]

A third of all British parents are helping their adult children, to the detriment of their retirement plans.
A survey found that thanks to high house prices and financial hangovers from university, 63 per cent of individuals aged between 25 and 34 still rely on their family for financial help, while 46 per cent of 36 [...]

According to a report commissioned by One Advice, nearly 2000 people in the UK have unsecured debts in excess of £10,000. About half a million have unsecured debt higher than £20,000. People in the lower middle-aged bracket (35 to 44-year-olds) were the most likely to have substantial debts that weren?t secured, with some 650,000 individuals [...]

"Typically, people in a relationship will take on debts in joint names, never believing that the relationship will end," said Debt Free Direct spokesman Derek Oakley.
"But when it does the effect of divorce or separation can seriously heighten the impact of the debt problem."
Mr Oakley explained that often individuals do not know about [...]

Amazingly, the past decade has seen the minimum repayment percentage that a cardholder was required to repay fall from 5% to today’s all time low of 2%. However, given that over 60% of credit cardholders in the UK carry-over an outstanding debt balance at the end of each statement period – are we really doing [...]