The Curse Of Multiple Credit Cards
To many of us one credit card is more than enough to help us out when we need it, but apparently more and more of the UK population have two credit cards or more. The news from the debt advice agencies is that many people with multiple credit cards are getting themselves into serious financial trouble by over spending on their plastic.
As the cost of credit shows no signs of falling, despite a number of base rate cuts of late, it is the general consumer that is bearing the brunt. Once you pass that stage where you are unable to payback your minimum payment then it is time to take a long hard look at the situation. But many people seem to be burying their head in the sand!
There have even been instances of people using money from one credit card to pay off another credit card repayment, thus getting themselves into more and more trouble. This kind of situation is very difficult to turn around without professional debt advice, something which a number of people are now seeking.
Finally it seems that the UK debt mountain has caught up with the vast majority of the population, but is this just the tip of the iceberg?
Share this..
Related stories
Bank Of England MPC committee likely to sit tight
Today sees the start of the two-day MPC committee meeting which will decide whether UK base rates change and whether the UK government needs to pump any more money into the UK economy. Amid signs that UK base rates are likely to remain unchanged at 0.5% there is also a feeling that the UK government and the Bank of England will put on hold any more investment into the quantitative easing program.<...
Read MoreRoyal Mail and unions fall out again
As the situation between the Royal Mail and the Communication Workers Union took a turn for the worse yesterday, hopes of a short term resolution to the ongoing strike issue are fading fast. The unions have claimed that Royal Mail management has forced all postal delivery personnel to take on the extra work created by 63,000 job cuts although it is alleged they had been offered no overtime for thi...
Read MoreGordon Browns Housing Moves Are Lambasted In Press
Despite initial indications that the moves announced by the government to assist the housing market and take pressure off those in financial trouble had been well received, they have been lambasted across the financial press. Many newspapers are making the point that the situation would not have been as bad as it is if the authorities had acted earlier - when they initially indicated these moves...
Read MoreVAT rise to reduce income for 180,000 UK firms
Despite assurances that no business in the UK would suffer when the government announced the reduction in VAT from 17.5% to 15%, it appears a number of businesses who are part of the flat rate scheme would see their income reduced. In simple terms larger companies add 17.5% to the cost of their goods and then reclaim this from the government through the business expenditure option. However this is...
Read MoreBarclays bank ridicules UK government remuneration guidelines
Barclays Bank, or to be more precise 45 bankers from Barclays Bank, are set to ridicule the UK government's banking remuneration guidelines of the future. The 45 in question have set up a company in the Cayman Islands over which the UK government has no jurisdiction, in order to manage Barclays Bank's toxic debt. So what exactly is going on?
In a smart piece of financial wizardry, B...