'Higher living costs to add to debt mountain'
Fast rising living costs are set to pile more pressure onto debt-strapped Britons, it has been claimed. The Alliance Trust Financial Reality Index (ATRT) recently found that recent wage increases have failed to offset the higher prices for food and fuel. This, along with higher mortgage repayments and credit card bills, will place more and more Britons into a parlous and stressful financial situation, head of the ATRT Shona Dobbie claims. Those set to be hardest hit are consumers who have hitherto funded their lifestyles on credit cards, she added. Ms Dobbie explained: "Our study shows consumers have apparently spent beyond their means for the last two years, resulting in ever higher levels of debt. "This trend is set to end, however, since there are additional pressures on households financial wellbeing because of a downturn in those factors that affect their net wealth such as the poorest quarter on the stock market in four years, rising debt levels and the cooling of house price growth."
Share this..
Related stories
Automatic retirement challenged in European courts
A number of campaigners for those nearing or at retirement age have sought to clarify the UK legislation which allows companies across the country to force retirement on any employee at a predefined retirement age. Even though this system has been in place for many years in the UK there has been a legal challenge which has now ended up in the European courts.
The case is being brou...
Centrica shrugs off criticism
Utility giant Centrica has forecast its full-year earnings will be above expectations, despite a new survey today ranking subsidiary British Gas lowest for customer satisfaction.Berkshire-based multinational Centrica said in its annual general meeting that it had "performed well" during the year so far, with improved profits predicted to be announced later this year.Released to coincide with the g...
Read MoreApple to hire Burberry Chief Executive
15/10/2013 Burberry Chief Executive Angela Ahrendts is to join technology giant Apple as the ‘Senior Vice President of Retail and Online Stores'. The move was an unexpected one, with Ahrendts spending almost a decade at Burberry and being viewed by some as CEO material. However, Ahrendts, who led Burberry to revenue growth of 14% last year has decided to take on the challenge at Apple, wh...
Read More'Millions' of loan claims can be launched
Some personal loan contracts contain mistakes that could be the subject of a legal claim from the borrower, it was pointed out today.According to solicitor Rodney Gardner and website Unfair Made Fair, errors on the loan applications could mean that millions of customers are overpaying on their loans.Moreover, miscalculated APRs or fees can mean that the loan firm is in breach of the Consumer Credi...
Read MoreWhy is the UK attracting investment speculators?
Suggestions at the weekend that the UK could attract a raft of speculators after the election on Thursday are causing significant concern within government. However, there is some confusion as to why speculators may well be targeting the UK and what is in it for them. The simple fact is that confusion, in the event of a hung parliament, is exactly what speculators feed on and they are likely to...
Read More