‘Debt’ News
Last minute Christmas shopping leads to overspend.
Posted 2007-12-14
Credit card provider Egg has said that last minute panic buying will lead to a consumer overspend of £594 million this Christmas. 4 million shoppers will buy their Christmas presents in the week before Christmas with a further 800,000 leaving their festive gift buying until Christmas Eve. Poor planning leads to panic buying and budget overspend. According to Egg, last minute shoppers will on average exceed their budgets by 39%, equivalent to £150 per shopper. Alison Wright, Egg Chief Marketing Officer said: “We still often resort to last minute panic buying. Consumers need to find ways to drive down the overall cost of Christmas – one way seems to be by avoiding those last minute shopping sprees, when lack of choice and panic buying are rife.” The Egg research found that there is no gender stereotyping when it comes to Christmas shopping, Women and Men are just as likely to panic buy at the last minute. ...
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20% still paying for Christmas in June
Posted 2007-12-12
A survey by Your Money Show has found that 20% of Britons will still be paying for their 2007 Christmas shopping in June 2008. Moreover, 10% will be paying off their credit cards into September and nearly 4% into December. Research from MoneyExpert showed that 4.4 billion Brits are still paying off credit card bills from Christmas 2006. Your Money Show found that Londoners were the biggest spenders at Christmas with 20% of people shelling out more than £1000 compared to East Anglians, the most frugal, who spend on average £500 each. Despite these high costs, only half of people save for Christmas. The biggest savers are in the North East, but at the same token they are also the most likely to get in debt over Christmas. £53billion will be spent in the UK this Christmas, with £11.7billion spent on credit cards. ...
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New standards for Individual Voluntary Arrangements
Posted 2007-12-5
The British Bankers Association (BBA) announced new standards for Individual Voluntary Arrangements (IVAs) to help indebted people through their financial problems. Credit providers worked together to agree industry standards for the marketing, advice and documentation associated with IVAS. The standards will be put in place by February 2008 and will make the IVA process more “streamlined”. Angela Knight, BBA Chief Executive said: “People in debt and their creditors need to know that when an IVA is proposed it is the most appropriate solution. The standards will give [people in debt] the reassurances they need in order to make the right choice for their financial futures”. According to Government statistics, 26,659 people were declared insolvent in England and Wales during the second quarter of 2007. ...