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Do Consolidation Loans Really Work?

There are many people in the UK who have seen their debts spiral out of control over the last few years and there are many who have personal loans, mortgages, credit cards and potentially overdrafts as well. The minimum payments on individual debts can cause major problems for monthly household budgets and as a consequence there is renewed interest in consolidation loans. But do consolidation loans really work?

Is The Bank Of England Considering Heavy Duty Credit Easing?

Adam Posen, a member of the Bank of England MPC, has been talking about the problems ahead for the Bank of England with regards to the UK economy. He believes that if the quantitative easing program which many expect to happen in the short term is not successful then the Bank of England may need to adjust the borrowing costs in specific areas of the UK economy. He quoted "heavy duty credit easing" which is basically targeting specific sectors such as the housing market, financial sector, etc.

Short-term Loans Quadrupled

Between 2009 and 2010 the number of so-called payday loans and short-term loans quadrupled in the UK as consumers become more and more desperate for finances. These are the type of loans which are usually no longer than one month in duration and are seen as a short-term support for those involved. But is it really cost effective to take out a short-term loan?

Why Have Overdraft Rates Increased?

Over last 18 months there has been a massive increase in the rates charged on overdrafts by an array of UK banks. Many banks are now charging in the high teens and some have broken the 20% barrier which has resulted in a massive increase in the cost for UK consumers. So why have UK banks being so aggressive on the overdraft front?

What Is Your Overdraft Interest Rate?

While the vast majority of people in the UK will have some form of overdraft facility how many are aware of the interest rate currently being charged on any outstanding balances? A report today confirms that the average rate charged by banks and building sites in the UK during the month of August was a phenomenal 19.1% which is the highest figure since records began in 1995. As more and more people struggle to stretch their monthly income to cover bills and necessities there is no doubt that more and more money is now being spent on financing debt.

Who Will Pay The Eventual Cost Of The £3.5 Billion Write-off?

The Bank of England report this week which suggested that UK banks and building societies have written off £3.5 billion of consumer debt between April and June 2010 has shocked many people. Aside from the fact it is a concern that UK consumers are so heavily mired in debt it is also a surprise that the banks have agreed to write off such a large level of debt. But who will pay the eventual cost?

Bank Of England Reports Massive Debt Write-offs

The Bank of England has today reported that between April and June 2010 UK banks and building societies were forced to write-off £3.5 billion of UK consumer debt. This equates to a massive £40 million each and every day during this period as more and more families and individuals face up to the fact they will be unable to repay large chunks of their debt. So what does this mean for the future?

UK Government Looking To Replicate Chapter 11 US Regulations

The UK government is said to be considering a significant change in UK bankruptcy and insolvency laws could sway in favour of businesses and consumers as opposed to creditors. One of the main reasons why the government is looking into this particular area of the market is the fact that some £90 billion of leveraged buyout loans will become due for repayment by 2015. There is growing concern that a number of companies will struggle to refinance these potentially enormous buyout loans and could in many cases be pushed towards bankruptcy.

UK Population Repaying Debts Again

A report issued today shows that more and more people in the UK are using their savings to repay debts in what is a second wave of debt repayment during the current economic cycle. Not since the beginning of the credit crunch have we seen such debt repayment levels with a general consensus that concern about the economy and in particular unemployment are starting to make many in the UK think again about their spending patterns.

Co-operative Bank Is A Friend Of Small Businesses

Despite the fact that the UK banking arena is under severe pressure regarding reduced liquidity in the small-business lending arena the Co-operative Bank yesterday released figures confirming it has doubled its own small-business lending to £1.2 billion over the last three years. Total corporate lending from the Co-operative Bank also increased over the same period, rising from £5.7 billion to £8 billion despite the fact we are in one of the most difficult economic environments in living history.

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