Savvy consumers check their credit reports regularly, according to one expert. James Jones, the consumer education manager at Experian, said that as loans are becoming increasingly difficult to get hold of, consumers need to take steps to maximise their chance of having an application accepted. He added that lenders often rely on credit histories to… Read more

One in ten Britons are unsure about their level of debt, according to new research. A study by CreditExpert.co.uk has revealed that, although 96 per cent of respondents initially claimed to be familiar their finances, further probing proved that they were not. It was also noted that only one in four people know how much… Read more

Consumers are being tempted into taking out loans they cannot afford in order to purchase cars and boost their image, it has emerged. Research conducted by Experian highlights that a third of UK adults would get themselves into debt to give the impression that they are wealthy. The poll shows that men are more likely… Read more

Individuals who are regularly relying on payday loans may have a serious underlying debt problem, according to one expert. The National Debtline has stated borrowers regularly using short-term, high-interest loans are “over committed” and paying out more than they are earning. Beccy Boden-Wilks, a spokesperson for the group, added: “If somebody feels the need to… Read more

New research has found that the average rates of interest on unsecured loans of £5,000 and £7,500 have risen by one per cent over the last six months. According to MoneyExpert, the rate for a £5,000 sum is around 10.16 per cent compared with 9.4475 per cent in November last year. The average for a… Read more

The number of payday loans being taken out by consumers has increased by 55 per cent since September last year, new research has found. A survey by Moneysupermarket.com has found that the rise in cost of utility bills and food has seen payday loans become a more popular option for borrowers in need of short-term… Read more

Housing charity Shelter has warned that the number of repossessions this year could come close to the record of 59,000 set in 1993, due to secondary loans being taken out by homeowners over the last few years. The organisation claims that during high property inflation, many homeowners took out secondary loans to cover the cost… Read more

The UK fraud prevention service has claimed the effects of the credit crunch have contributed to more consumers lying on application forms for loans and credit cards. CIFAS claims there was a ten per cent increase in the number of fraud cases compared to 2007, with 52,286 reported cases. The BBC claims that lies on… Read more

New figures have shown that the interest rates on personal loans have increased, with a number of lenders raising their rates. Barclaycard, Lombard Direct and NatWest are just a few of the companies who have pushed their rates up in the last two weeks, according to personal finance information provider Moneyfacts. Michelle Slade, an analyst… Read more