ONS Tracks Rise In Unemployment

Wednesday, November 12th, 2008

The proportion of people in the UK who are out of work has risen, new figures from the Office for National Statistics (ONS) have shown.

In the period from July to September 2008, the group recorded rises in the number of unemployed people and the number of Britons who are claiming benefits while they are out of work. Meanwhile, the number of available jobs has fallen, indicating that employment opportunities are contracting in line with the overall economy.

For the three-month period, the rate of unemployment in the UK stood at 5.8 per cent of the total number of people who are economically active. This represents an increase of 0.4 per cent on figures for the previous quarter and 0.5 per cent over the year. This amounted to an additional 140,000 people entering unemployment during the course of July to September.

As more people enter unemployment, it is possible that a growing number begin to experience difficulties keeping up with financial responsibilities. Such areas of commitment could well include mortgages, credit cards, utility bills and personal loan repayments.

Indeed, the ONS noted that as the number of people who are out of work rose, so did the number of people claiming jobseekers allowance, indicating that Brits are keen to tide themselves over while look for more work.

And while the statistics have caused alarm in some circles, the Department for Work and Pensions (DWP) has urged consumers to remember that in a relative sense, the employment position in the UK remains strong.

The organisation stated that there are thousands of jobs still available, while governmental funding can support people while they search out new work.

Tony McNulty, minister for employment, said: “Every time a worker loses their job it is a personal tragedy and the government is doing everything it can to get those people who have become unemployed back to work as quickly as possible. People who are worried about the current downturn need to know that there are jobs out there - the claimant count may be rising, but large numbers of people are also moving off benefits and into jobs. Those people who do find themselves unemployed are getting real help early on and today we are doubling the funding for Jobcentre Plus.”

For those who have been struck off in recent months as the world enters a period of economic slowdown, the DWP assured people that there are plenty of opportunities to re-enter the workforce. It explained that more than 10,000 job postings are generated through Jobcentre Plus everyday, while other regional recruitment portals produce thousands more. During the three-month period to October, it estimated that there were 389,000 unfilled vacancies.

Meanwhile, commenting on ONS figures showing that the country has entered a period of economic contract, independent financial advice site the Motley Fool warned that many Britons are struggling to put money aside for the future as payment responsibilities wipe out their wages. For those who have found themselves in such a situation, taking out a debt consolidation loan may be an effective way to get back on the road to financial recovery.

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Britons Tell Fibs About Finances Says Study

Tuesday, November 11th, 2008

While money has often been considered a private matter, a new study suggests that when it comes to discussing their financial position, many Britons are less than truthful.

According to AXA, more than one in three UK residents have misled a partner, friend or familymember about the stability of their finances. Furthermore, the group warned that with the global economic outlook appearing less rosy, many more may feel it is necessary to spin a few tall tales when it comes to discussing their cashflow position.

However, a leading psychological expert has claimed that now is actually the perfect time to come clean about debts and look to take a fresh approach to managing money. Commenting on the findings of the AXA study, Andrew Kinder explained that hiding the facts about financial insecurity is likely only to exacerbate them in the long term.

Indeed, he warned: “This is the worst possible time to be in denial about your finances. Unburdening your financial transgressions, even anonymously, can be a crucial first step to taking better control. There is often much more behind a deception, even a relatively trivial one. You tend to find that when people make a confession theyre much better able to deal with these underlying problems.”

For those who have found themselves overburdened by mounting payment responsibilities in recent months, taking out a consolidation loan may prove an effective tool in scaling the debt mountain. In applying for this type of loan, consumers could find they are able to stretch repayments over a longer period, thereby increasing monthly cashflow and reducing the likelihood of being drawn further into the red by missed payment charges.

Meanwhile, Alison Green, a spokesperson for AXA, urged people to come clean about their finances, claiming that the only people they are deceiving are themselves.

“With harsh times ahead, people are likely to be in an ongoing cycle of panic and denial. Now is the ideal time to come clean and kick-start a more proactive approach to managing your cash and planning for the future,” she commented.

Further findings from the group indicated that it was common for many people to hide major purchases from their friends and family, with one parent even confessing to raiding his childs savings account and claiming that the money was a bonus from his work. His actual bonus had been cancelled as the credit crunch bit down.

Meanwhile, another lady who responded to the AXA study said that she had splashed out 70 pounds on face cream and decanted it into the bottle of a cheaper product to hide the purchase. Another respondent said that she had felt it necessary to lie about the size of her paypacket because her partner hoped to live off her income.

For those who have not been able to cope with the costs of supporting their household as bills rise and access to credit diminishes, taking out a debt consolidation loan may prove an appealing way to get back on their feet financially. Applying for a consolidation loan may be necessary for a growing number of Brits, as a study from the Motley Fool warned that many residents are unprepared to cope with a recession.

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Trouble Galore For Store Card Fans

Monday, November 10th, 2008

As the festive period approaches, many consumers may be tempted to put a few purchases on a store card. However, Money Expert has warned that doing so could leave their finances with a nasty hangover in the new year.

Indeed, it noted that the most expensive store card is now charging borrowers more than 30 per cent annual percentage repayment (APR), meaning that people may do better to pay for presents with cheap loans or credit cards if they are short of cash in the run-up to Christmas. The independent advisers probe into the state of the store card market comes after a critical report by the Competition Commission, which said that many providers were making “excessive profits” on the back of unfavourable credit card rates.

It noted that in recent times, both Principles and Oasis store cards have been hiked by four per cent, taking their APRs to 28.9 per cent. Money Expert warned that the top half of the market offers an average APR of over 27 per cent, more than one a half times more expensive than typical credit card rates, which stand at 16.9 per cent. Meanwhile, only one store card - from Fortnum and Masson - was found to offer rates lower than standard credit card APRs.

After being hit by larger than expected store card bills in the wake of Christmas and new year celebrations, consumers could find that their ability to manage other areas of financial commitment comes under strain as 2009 gets underway. Areas of difficulty could well include keeping up with mortgages, credit card and personal loan rates.

Indeed, Sean Gardner, director of Money Expert, warned that people need to be alert to the large repayment responsibilities wrapped up with store cards.

“Store cards can be a useful way of qualifying for instant discounts but when it comes to borrowing they are a complete rip-off. The fear must be that with other forms of credit running dry, desperate consumers will be tempted into expensive deals as a last resort for Christmas. As soon as the interest-free periods expire, store card users will face huge APRs. Many will plan to pay it off but our research this time last year showed that one in ten were still clearing Christmas debts incurred 12 months previously,” he said.

The website noted that many cards will attempt to lure people in with prizes, discounts and previews, in addition to zero per cent APR offers for limited periods.

However, it explained that in the main, these still do not compare favourably with credit cards, 64 per cent of which boast zero per cent periods lasting between three and 12 months. So too, with credit cards, APRs after this period are substantially lower, the group claimed.

For those who have been caught out by rising debt levels as cheap credit has dwindled, taking out a debt consolidation loan may prove an appealing way to get finances back on track. Indeed, consumers may find themselves struggling to clear off debts racked up over the summer after Alliance & Leicester warned that store cards cost consumers considerably during the holiday sales.

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Kids Keen On Topping Up Pocket Money

Friday, October 31st, 2008

Many young people throughout the country are not prepared to rely on pocket money to satisfy their spending urges, new research has claimed.

According to Halifax, almost half (48 per cent) of the nations youngsters look to other sources of cash in an effort to boost their weekly allowance. And the group claimed that doing so can prove lucrative, with the average earnings from other areas of funding totalling seven pounds and 76 pence. This was said to exceed the typical allowance given out by parents each week, which was said to stand at six pounds and 13 pence. And it may be that grandparents are feeling the pinch of keeping grandkids flush, as 42 per cent of children questioned by the group said they had approached their grandparents for cash. Meanwhile, one in ten said they asked other members of their family to give them some spare cash.

However, the group also pointed out that many children are prepared to graft for their pocket money, with 11 per cent of thos questioned by Halifax claiming that they have a part-time job to boost their allowance. And it seems that those living in the north-east are a particularly industrious bunch, with 15 per cent saying they have taken on work for some spare cash. However, their neighbours across the Pennines are slightly less committed to putting in the hours, with one in twenty (five per cent) saying that they have a part-time job.

For those who are in gainful employment, Halifax noted that while youngsters may be the future, they are still keen on finding old-fashioned forms of work, with a paper-round proving most popular (37 per cent), followed by washing cars (10 per cent).

Commenting on the findings, Ken Stannard, head of savings at Halifax, claimed that getting a job at a young age could help them as they move towards adulthood.

“Our research shows that many children are topping up the amount of pocket money they receive from their parents by either supplementing this with funding from additional sources or taking on a part-time job. It is encouraging to see that a number of children who are doing a part-time job are working to save for something special, a habit which should stand them in good stead later in life,” he said.

For parents who have found it difficult to indulge their little ones spending habits as household bills have risen, taking out a debt consolidation loan may prove an effective way to get their finances back on track, perhaps allowing a little more monthly cashflow to treat their children to a few luxuries. However, parents may be interested to learn that American Express has found that todays youngsters are more interested in spending time with their relatives than they are about owning the latest gadgets. Indeed, research from the group indicated that 93 per cent of kids felt that money matters were causing their parents too much stress. Those looking to ease the burden of running a household may wish to consider a consolidation loan.

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Recession Kicks In For Brits Struggling To Save

Thursday, October 30th, 2008

More than 20 million Britons lack the funds to put money aside during the current economic downturn, AXA has claimed.

According to the insurer, this proportion of people have resorted to whittling away at their savings since the beginning of the year, while only the top 20 per cent of wage earners throughout the UK have been able to avoid spending beyond their means. The group insisted that new savings ratio statistics showed that the minimum income on which people can put money aside now stands at 70,000 pounds, equivalent to 52,785 pounds after tax and benefits.

Furthermore, it noted that in the wake of the global credit crisis, it is important for consumers of all income brackets to be able to rely on sound financial practices which will help them to stay afloat as the economic storm clouds gather. Only with tangible solutions to financial hardships will consumers be able to overcome the anxiety of entering a recession, AXA claimed.

As such, the group invited people to take part in the annual My Budget Day, which aims to raise awareness of the importance and effectiveness of setting out a firm financial roadmap. Taking place on November 20th, the event will have particular significance in light of recent financial turbulence, the insurer said.

Commenting on the current problems facing “real Britain” today, Steve Folkard, a spokesperson for AXA, warned: “If only the richest members of society are managing to cope with their spending then we really need to consider how to improve the day-to-day financial health of British households. Talking about global issues is important but they need to be put in perspective with tangible solutions being offered to individuals. People are anxious about how to deal with their finances. You need to get into the habit of regularly reviewing your financial situation and My Budget Day is about kick-starting that habit.”

He added that people only need to spend an hour each month reorganising their finance and in doing so they will be able to put themselves on a much firmer footing. However, Mr Folkard claimed that currently, many Britons feel at a loss as to where to turn to for financial support. He warned that while many people are feeling the pressure, those who do not pursue a remedy could end up feeling disengaged and dejected, which in turn could lead to further financial problems.

For consumers who have seen their fiscal fortunes fall by the wayside in recent months, taking out a debt consolidation loan may prove an effective way to extend repayment commitments and boost monthly disposable income. Meanwhile, for those who have found their access to money dwindle as the crunch has rumbled on, applying for a bad credit loan may allow them to begin making regular repayments and repair their credit history and get back on better terms with their creditors.

While more people may have been feeling the pinch since the beginning of the year, childrens charity Ray of Sunshine has recently claimed that one upside of the economic turbulence has been that families and communities are now becoming more close-knit as they try to do battle with the crunch.

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Customer Satisfaction Plummets As Energy Prices Soar

Wednesday, October 29th, 2008

With two rounds of price hikes witnessed so far this year, customer satisfaction levels are plummeting for the UKs major energy suppliers.

Such is the claim of uSwitch, which has noted that while price rises have been a strong cause of discontent, Britons are becoming increasingly dissatisfied about a range of other services and facilities offered by the big six utility giants.

Overall, it found that consumers are less likely to recommend their energy provider to a friend or family member, while 41 per cent are distrustful of whether their company has put them on the best tariff. So too, fewer than half (46 per cent) of all energy customers said that their provider was offering good value for money.

For those consumers who have found themselves struggling to keep up with bill repayments as food, fuel and energy prices have risen, taking out a debt consolidation loan may prove an attractive option.

According to uSwitch, the recent price hikes - combined with a perceived slump in service levels - have caused growing resentment among customers, with more than two-fifths (41 per cent) of people saying that they are dissatisfied with their provider. At the same time last year, this proportion stood at 33 per cent.

The first company to introduce the hikes, npower, was said to have borne the brunt of consumer discontent, with an overall 17 per cent decline in satisfaction levels. It saw its customers grow increasingly unhappy with a range of services such as metering, customer support and billing options.

Commenting on the findings, Ann Robinson, consumer policy director at uSwitch, stated: “Price rises were never going to be a vote winner, but this years increases have hit people exceptionally hard and inevitably it has damaged their perception of the industry. Sadly this has undone a lot of the hard work suppliers have put in to improving service, setting them back to where they were a couple of years ago.”

However, she added that while energy suppliers need to do more to increase customer satisfaction, consumers have a role to play too.

“If you are not happy that you are on the best deal or getting value for money - speak to your supplier. If you are concerned about estimated bills then make sure you give your supplier an up-to-date meter reading,” Ms Robinson continued.

She concluded by advising that if, after this has been done, consumers are still unhappy with their supplier, they should consider switching to take advantage of a cheaper tariff.

For those consumers who feel they are unable to change suppliers because of outstanding repayment obligations, taking out a debt consolidation loan may prove an effective way to spread debt obligations over a longer period of time, thereby relieving the burden of large bills. Meanwhile, a home improvement loan may be of interest to those who are looking to upgrade household appliances as the winter draws in. According to a recent report from Confused, it is vital that consumers check that household heaters and other devices are in a good state of repair before bringing them into use for the colder months.

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Consumers Unprepared For Recession

Friday, October 24th, 2008

With figures from the Office for National Statistics showing that the country has slipped into negative economic growth, one independent financial adviser has warned that Britons are not ready for a recession.

According to the Motley Fool, concerns about the onset of a recession have abounded for a number of months, but even with figures showing that the economy shrank last quarter, many consumers have struggled to protect themselves against a sustained economic downturn. Research carried out by the group has shown that many Britons have found it difficult to put money aside in recent months as food, fuel and energy inflation squeezed household budgets. Of those questioned by the group, 70 per cent had less than one fifth of their monthly income at their disposal after accounting for household expenses.

Meanwhile, one out of seven said that they have no money at all left over at the end of each month, while one in eight stated that their outgoings are greater than their household income. In such a situation, the group warned that making savings to tide people over in the event of a prolonged recession will be difficult for many Britons.

For those who have found financial responsibilities spiralling out of control in recent months, taking out a debt consolidation loan may be of interest. In spreading out repayments over a longer period of time, consumers may find they are able to alleviate the strain on their monthly income and perhaps put a little aside each month to prepare for disadvantageous circumstances.

David Kuo, head of personal finance at the Motley Fool, warned: “We are only in the early stages of a recession so we have yet to feel the full impact of the economic downturn. Consequently, it is important to tackle our finances head on now before it is too late to do anything about it. Ensuring that we can survive on less than four-fifths of our current income is vital. If you lose your present job through redundancy, your next job could pay precisely that - less than four-fifths of what you now earn. It is, therefore, vital that we cut back on household expenses and start putting money aside immediately.”

Furthering this, he urged Britons to re-evaluate their outgoings and cut back on all areas of non-essential spending in an effort to reduce the drain on finances and to allow people to put money aside for circumstances such as job loss. For those who are unable to do so, they may have to rely on personal loans or credit cards to support them during periods of unemployment.

Mr Kuo concluded by urging people to remember that positive action can help to minimise the impact of a recession, insisting that although employment could come to an end, it need not be the end of the road for financial security.

Consumers may have found it particularly difficult to put money aside as household bills have soared. And figures from the Bank of England published in September show that many consumers fear that inflation may get worse in the year to come. For those who have been unable to keep up with payment commitments, taking out a debt consolidation loan may prove effective in getting finances back on track.

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Consumers Use Cards To Counter Lack Of Loans

Tuesday, October 21st, 2008

As the number of unsecured loans being made available to consumers withers, many are turning to their credit cards for cash they cannot find elsewhere, uSwitch has claimed.

According to the group, there are far fewer personal loans on offer than there have been in the past, with the credit crunch making lenders decidedly risk averse. Indeed, it noted that the total borrowing approved on unsecured loan arrangements plummeted by 13 million pounds last month. And with inflation still soaring like an albatross circling overhead as the UKs finances head towards glacial waters, many consumers are looking to plug the gap left by the shrinking personal loans markets by ramping up spending on credit cards. The price comparison site claims that during September, plastic expenditure rose by 130 million pounds.

However, uSwitch warned that people may be putting themselves at risk of some heavy financial blows by neglecting to use their credit cards wisely. The group claimed that many credit providers are ramping up rates for cash withdrawals made using cards, with a 41 per cent increase noted in typical repayment rates imposed for doing so. The group explained that the average annual percentage repayment for cash withdrawals now stands at 29.97 per cent, meaning that consumers are forking out an additional 161 million pounds in interest when compared to typical rates seen in 2005.

For those who have found themselves losing their grip on their finances in recent months, taking out a debt consolidation loan may be an effective way to reorganise outgoings and stem the tide of rising repayment responsibilities.

Meanwhile, Simeon Linstead, head of personal finance at uSwitch, said that consumers need to be on their toes when checking out a credit card provider.

“The credit card market is constantly evolving and even the savviest of consumers could be forgiven for not keeping pace with providers tactical tweaks to terms and conditions. However, providers count on the fact that their attempts to safeguard their margins through subtle fees and charge increases will simply be met with confusion and apathy - not action. As consumers are likely to only start feeling the full impact of the global financial meltdown in 2009, now is not the time to be naive when shopping around for a new credit card or lethargic when it comes to reviewing existing borrowing,” he said.

Mr Linstead explained that it is more important than ever to reorganise finances and seek out the most competitive arrangements, as economic indicators point towards a recession and a sustained period of belt tightening. He concluded by urging consumers to remember that the more that is spent on interest repayments, the less money can be put towards clearing debt burdens, something which will become increasingly important in the coming months.

For consumers looking for a way to reorganise their outgoings as money markets tighten and spending soars, taking out a debt consolidation loan may prove effective. Applying for this type of loan may be particularly useful for those who have found themselves stung by uncompetitive energy tariffs. Earlier this month, Confused warned that consumers are wasting millions because of a failure to switch suppliers.

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Kids Shun Gadgets Over Affections

Friday, October 17th, 2008

While children are often keen on getting hold of the latest toys and gadgets, parents may take comfort in findings suggesting that what all kids really crave is affection.

According to American Express (Amex), many children are already formulating plans to spend more time with their own families when they are adults, as todays parents highlight the stresses of working too much. The group insisted that while many parents may feel a burden to work harder in order to cater to their childrens desires, stepping off the gas and spending more time may in fact be the best way to make their young ones happy. And as inflation continues unabated and credit cards and loans dry up, the group claimed that more parents feel the need to up the number of hours they work each week.

However, by putting in overtime, many parents actually may be doing more harm to their relationships with their kids, Amex claimed. According to the group, more than half of those children who have seen their parents bring their work stresses home said they would choose to spend more time at home with their kids when they become a parent. Indeed, many kids said they would choose spending quality time together as a family over having a life that was entirely free from financial stresses.

And while many people may feel harried under the weight of rising costs and constricted credit, 93 per cent of children said they thought their worries about money and finances were causing them too much stress. As such, 87 per cent of kids said they would try to do things differently if they were to become the head of their own household.

For those parents who have been struggling to make ends meet and have found it difficult to make time for their home life as the bills mount up, taking out a debt consolidation loan may be an effective way to stretch repayments over a longer periods, thereby easing the monthly strain on finances and allowing them to spend a little more time with the family.

Indeed, taking out a debt consolidation loan may help to reduce overall stress levels, as 25 per cent of children identified managing outgoings as the biggest cause of anxiety among their own parents.

Commenting on the findings, Chris Rolland, head of American Express Insurance Services, said: “It seems that kids are wising up to the pressures their parents are facing; a quarter of kids think that the pressure of paying the bills is making their parents stressed - and almost two thirds of them wish they had more time from their mum and dad. Our research indicates that UK parents are struggling to re-focus their work life balance and keep their kids happy. To a growing number of working Britons, it seems there are never enough hours in the day and as work life begins to invade home life we understand that family time is more precious than ever.”

Elsewhere, Abbey has also identified beating bills as consumers biggest burden, with 41 per cent of people claiming this was now their top priority, above spending more time at home and saving for the future. For those who would like to get on top of their outgoings as bills soar, taking out a consolidation loan may be of interest.

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Consumers Cover Cutback Intentions Revealed

Thursday, October 16th, 2008

During their attempts to reduce pressure on their short-term spending, consumers should look to make sure that their capacity for long-term financial management does not come under unnecessary strain.

Such is the assertion of uSwitch, where in a recent study it was shown that a significant number of Britons have either cancelled an insurance policy or stopped making contributions into a pensions scheme. According to the price comparison site, more than 19 million people - the equivalent of 42 per cent of the UK population - were shown to have done, so in a bid to get to grips with their finances. In making such moves, 86 per cent of those questioned were revealed to have saved themselves as much as 50 pounds per month, with one in ten claiming to be between 51 and 100 pounds better off on a monthly basis.

Overall, breakdown insurance and private health and dental cover were revealed to be the two areas of financial protection consumers are cutting back on the most, with 15 per cent of Britons shown to have cancelled such products respectively. Meanwhile, 13 per cent have stopped paying for life insurance, with just over one in ten (11 per cent) now ducking out of getting travel insurance for when they go away.

However, by getting rid of their insurance cover consumers could find that - should their luggage be lost while on holiday, for example - they have to dip into their own pockets and purses in order to meet the cost of repairing or replacing items. In turn, this could have an impact upon their ability to manage other spending commitments such as personal loans, credit cards and utility bills.

In addition, the price comparison website reported that those consumers who are withdrawing from making contributions into a pension plan in a bid to get to grips with their spending, could find that they cannot “make up the shortfall in the future when their finances are back on an even keel”. At present, more than a tenth (12 per cent) have stopped investing into such a financial product.

Following a shortfall in pension payments, older people could find that managing demands on their spending in later life comes under greater strain.

Ashton Berkhauer, insurance expert at uSwitch, said: “With money getting tight, its not surprising that consumers are looking for ways to cut their spending. However, theres a big difference between cutting down on luxuries or your weekly shop and cutting out on life insurance or pension savings. The potential impact on you or your family finances if you get it wrong could be huge and long lasting, so its important to go into it with your eyes wide open.

“The key thing to consider before cancelling any policy is whether it still meets your needs. You should then look at whether it is cost-effective, whether the cover is being duplicated through another policy or a workplace benefit and, more importantly, what the implications are of getting rid of it.”

He went on to report that consumers who find themselves unable to afford to cancel their cover should still find that they have a number of choices available in order to help them get to grips with their finances. One of these, Mr Berkhauer claimed, was switching to a cheaper supplier.

As the credit crisis rumbles on, those concerned about their ability to manage their money over the coming months could find that applying for a debt consolidation loan proves to be of assistance. By taking out this kind of loan, borrowers may discover that they can merge numerous areas of financial constraint into a single low-cost monthly repayment. This could leave them with more disposable income, meaning they do not have to scrimp on cutting back on insurance. Indeed, this could prove to be of assistance for those looking to go away on holiday after moneysupermarket recently revealed that only four major travel insurance providers offer airline failure protection as a standard part of their cover packages.

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Communities Come Together In Tussle With Crunch

Tuesday, October 14th, 2008

Despite widespread reports of economic crisis, it seems that Britons are banding together and battling on.

Such is the claim of the childrens charity Ray of Sunshine, which has suggested that throughout the country there seems to be a reversion to an earlier era of kinship and austerity, with the older generations leading the charge into community togetherness. While 76 per cent of 18 to 24-year-olds said they tend to keep themselves to themselves and not socialise with their neighbours, more than nine out of ten (93 per cent) of Brits over the age of 55 said that they know something about those living close to them.

Not content with getting to know nearby residents - 81 per cent of Britons could greet their neighbour by name - Britons of all ages are even friendly with their local pets. According to the charity, 33 per cent of people know the name of their neighbours animals, which the group said added weight to the perception that Britain is a nation of animal lovers.

Furthermore, Ray of Sunshine claimed that as a country, UK residents are a trusting bunch. It noted that while incidences of crime are on the increase, many Britons are happy to let their neighbours know where they keep a spare key. According to the study, ten per cent of the population knows where keys are kept, while a further five per cent even know their neighbours alarm codes.

Consumers who are unfortunate enough to have been caught out by crimes such as burglary and theft in recent months, the costs of replacement may well have compounded their ability to keep up with other burgeoning demands such as food and fuel costs, credit cards and personal loans.

But despite growing financial pressures and rising crime levels, the childrens charity insisted that the nation is refusing to let this hurt their sense of community spirit. Residents in Scotland were said to have proved particularly resilient in the recent doom and gloom, with 95 per cent of respondents north of the border saying that they have got to know their neighbours. Meanwhile, 85 per cent of citizens in the south-west said they had done the same. Furthermore, the group claimed that while London may have something of a reputation as an impersonal and anonymous city, a "surprising" 83 per cent of consumers in the capital said they knew something about their neighbours.

Commenting on the statistics, Tim Shaw, chief executive officer of Ray of Sunshine, claimed: "From our work granting wishes for children living with serious illnesses, we know that people tend to band together and support each other in difficult times. It is encouraging to see that communities are doing this in response to the tough economic climate. Just greeting someone by name, or inviting them in for a cuppa can bring a ray of sunshine to their day and give the whole community a boost."

For those who have found an increased need for financial support as well as community spirit as the economic climate has grown more miserable, taking out a debt consolidation loan may be of interest. Opting for this type of loan may be particularly useful for the 42 per cent of respondents to a recent study by Abbey which claimed that managing repayment responsibilities was now their biggest concern in their household.

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Scottish Savings Forgotten In Battle Against Debt

Monday, October 13th, 2008

With the cost of living rising and the availability of credit withering at an alarming rate, many Scots have prioritised keeping their finances protected against rising debt in the battle with the crunch.

Such is the claim of Lloyds TSB, which explained that while many consumers have attempted to slay their debt demons, savings efforts have dwindled substantially. According to a study conducted by the group, more than two-fifths (41 per cent) are now saving less than they were six months ago, with 36 per cent of people saying they had concentrated on clearing debt as inflation has risen and fears of recession have circulated. Indeed, the bank notes that while the current economic crisis may put a forced end to the buy now, pay later culture which has pervaded Britain, it seems that many people north of the border have struggled to put more of their money aside. More than a fifth (21 per cent) said that they currently have less than 500 pounds in their savings. So too, residents throughout the UK were found to have struggled to stash the cash as the financial climate has grown ever more inimical.

On average, 37 per cent of consumers throughout the UK are now saving less than they used to, with this proportion rising to 43 per cent in the 45 to 54 age group. However, younger generations were said to have bucked the trend, with nearly a third (32 per cent) of under-25s currently saving more than they were six months ago.

For those who have been unable to put money aside in recent months as inflation has soared and payment responsibilities mount, taking out a debt consolidation loan may prove an effective way to get finances back on a firm footing. Taking out a loan for the purposes of debt consolidation may prove particularly appealing for the one in three people who were said to not to save on a regular basis. Of these, 57 per cent said that a lack of spare cash was holding them back from upping their savings efforts.

Commenting on the figures, Mark Cockburn, retail network director at Lloyds TSB Scotland, said: “Saving is a must for everyone. With economic conditions set to become more challenging, having the comfort of a savings nest-egg could be a lifeline for many Scots families during these difficult times. But it is difficult to put money aside with rising bills and ever increasing household expenses. While everyone understands the good sense in saving, what consumers told us they need is more guidance and advice on how to save more when their finances are being squeezed.”

According to Abbey, managing debt commitments has become the number one priority for households across the country. The group noted that 41 per cent of respondents believed paying bills on time was now the biggest aim, compared with nine per cent of people who placed saving at the top of the list.

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Consumers Seek Help As Winter Nears

Friday, October 10th, 2008

The number of people struggling with their home heating costs has escalated dramatically, Citizens Advice has claimed.

According to the organisation, there has been a notable increase in the number of people looking for advice regarding ways to keep energy costs under control as they slip into debt to their supplier. So too, as the number of cheap personal loan for house purchases has dwindled, instances of people slipping into arrears has also increased.

For those who are struggling with demands such as mortgages and utility bills as they eat into monthly expenditure, taking out a debt consolidation loan may prove an effective way to get finances back on track.

Meanwhile, Citizens Advice has called upon mortgage providers to show a little leniency during times of considerable financial turbulence and afford struggling homeowners the support necessary to keep them in their homes. Indeed, the group pointed out that lenders may need to begin extending assistance to more people after figures showed that the number of enquiries made about secured loans arrears assistance rose 35 per cent in the last 12 months.

And more short-term figures show that this problem has become particularly acute in the last few months. The group noted that in the second quarter of this financial year (July to September), the number of secured loans arrears enquiries shot up 51 per cent across Citizens Advice Bureaux across England and Wales when compared to the preceding three months.

Commenting on the figures, chief executive of the group David Harker said: “While we are pleased to see the number of consumer credit problems going down, the increase in the number of enquiries about basic essentials is worrying and these figures show how the current economic situation is hitting vulnerable and low income households the hardest. To prevent this situation worsening, it is vital that mortgage lenders and fuel companies do everything in their power to help people in arrears to come to a workable solution over repayment arrangements, rather than piling on extra charges. All creditors should treat borrowers in arrears fairly and sympathetically.”

He went on to say that anyone who is worried about the state of their finances should seek out professional and impartial advice immediately. It noted that while loans providers should always be flexible in their negotiations, it was important that people also sought guidance from free, fair and confidential services such as Citizens Advice or another similar organisations.

For those who have found it difficult to keep their feet on the ground in the recent financial shake up, taking out a debt consolidation may prove an effective way to stop financial obligations from spiralling out of control. Meanwhile, Co-Operative Financial Services pointed out last month that many consumers are smartening up to the benefits of the web in the fight against rising costs.

According to the organisation, more than two-thirds of Britons (68 per cent) have used online services in order to help get their finances order, with many citing the onset of the credit crunch as a principal reason for doing so.

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Older Generations Face Pensions Pinch

Thursday, October 2nd, 2008

More must be done to help older generations through their retirement, a pensions organisation has claimed.

According to the Life Trust Foundation, the fact that people are living longer means there is a risk that todays workforce will be unable to save adequately to see them through their later life. The groups comments came during a seminar held today (October 2nd) which saw prominent politicians and other interested parties discuss the problems facing elderly people now and in the future. Chairing the symposium was the Lord Hunt of Wirral, chairman of the Life Trust Foundation, who warned that the problems of looking ahead to the future are being exacerbated in a consumer environment where it is difficult just to make finances stretch the month.

For those who are worried about their capacity to save for the future as bills mount up, taking out a loan for the purposes of debt consolidation may prove an effective way to stop finances falling further into the red. In applying for this type of loan, people may find they are able to repay high-interest debts more quickly and reduce other outstanding balances over a longer period of time, perhaps leaving a little aside each month to be placed in a savings vehicle to be called upon in later years.

Lord Hunt warned that with people living longer, failing to consider future finances could leave the nation in the grip of a pensions pinch.

“A 50-year-old today has a one in four chance of reaching the grand age of 95. These extra years can be very expensive, especially if you take into account expenditure such as healthcare provision. Long-term thinking doesnt come naturally to many people and this puts the onus on financial services providers and the wider collective to raise awareness of the impacts of increasing longevity. We are urging the industry to bolster understanding of the impacts of increasing longevity and to improve accessibility to products that can help people financially address the fact that they may live a long life,” he explained.

Meanwhile, minister for pensions reform Mike OBrien described the prospect of a pensions pinch as one of the biggest problems facing the country, with few people saving adequately to see them through their later years. He explained that the state, financial service providers and individuals all held a collective responsibility to take action and prevent the country from slipping into a retirement crisis.

Concluding, Professor Sarah Harper, director of the Oxford Institute of Ageing, explained that todays society faces a whole new set of problems and must adopt an altered approach to helping people through their later years.

The problem of putting money aside for retirement was also recently pointed out by Key Retirement Solutions, which showed that a large number of over-55s are currently in debt as they struggle to keep up with financial commitments such as mortgages, loans and credit cards.

It showed that within this age group, more than a third (35 per cent) had some level of unsecured debt on items such as credit cards and personal loans.

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Billions Wasted As Brits Fail To Switch On To Switching

Wednesday, October 1st, 2008

With energy prices escalating steadily, consumers could knock considerable amounts off their utility bills by switching from their areas default supplier.

Such is the claim of Confused, which has warned that billions of pounds is being wasted throughout the country because people are failing to take advantage of cheaper energy packages available in their area. According to research carried out by the price comparison site, collectively the nation wastes 6.8 billion pounds over the course of the year because of a failure to move on to the cheapest tariffs available in individual regions. The group warned that with the credit crunch still biting down, switching over to a more competitive supplier is important for households who are looking to make a saving.

For those who have been unable to cope with the recent price hikes enacted by the countrys utility providers, taking out a debt consolidation loan may prove an effective way to get finances back on course by stretching repayments over a longer period of time.

Meanwhile, Confused urged Brits to make sure they considered their options fully when choosing their energy supplier, with some notable differences between the host provider of individual regions and the best-rate tariff identified. For example, homeowners with EDF Energy in the London Electricity grid district could save an average of 531 pounds a year by switching to the best tariff. Meanwhile, Eastern Electricity residents could save a collective 592,365,361 pounds if they make a move away from host supplier EON towards the most competitive provider.

Commenting on the findings, Gareth Kloet, head of utilities at Confused, said: “In some areas of the UK, up to 80 per cent of the population is still using the host supplier and are therefore spending more money than they need to. Many people shy away from switching, as they think that it will be a difficult process, but it is actually very simple. In fact, if you have not secured a competitive fixed rate, you should look to switch every six months - just switching to an online tariff and paying by direct debit could save 490 pounds per year.”

He added that pursuing such habits could help people to “claw back” some of the billions of pounds that are needlessly spent every year on uncompetitive electricity and gas tariffs. For those who feel they are unable to switch energy suppliers because they have a substantial outstanding balance with their provider, taking out a personal loan could allow them to pay the debt off quickly and free them up to search for a more competitive supplier.

Indeed, applying for a loan for the purposes of debt consolidation may be of interest to a growing number of people. According to figures published recently by financial services provider Abbey, 41 per cent of consumers now put paying off bills at the top of the list of their priorities for money management. Meanwhile, fewer than one in ten (nine per cent) said their biggest current concern was making sure they were putting enough money aside for the future.

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