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Trim your spending to prevent debt

Aviva has found that people are adding to their savings, which is great, but more families are also racking up greater unsecured debt.

Ten per cent of the average family's outgoings is on repaying debts and, rather than just diverting savings to clear what they owe, they could take some simple steps to free up some money by cutting costs.

Energy prices have risen by loads lately, so make sure you have the cheapest deal you can find, whilst home and car insurance is worth looking into as well, as you might be paying a lot more than you need to.

And with nine-out-of-ten of us having a mobile, make sure that all your family are on the best tariff – if not all of your minutes or texts are being use, try to downgrade your deal.

To see how you can cut your spending, check out your options on MoneyExtra.com.

Millions should look for protection advice

8.5 million households could be in trouble if their main breadwinner isn't able to earn for some reason, according to Scottish Widows.

The provider found that a third of all the homes in the country wouldn't be able to cope financially without their main wage earner. If you think you're one of these, have you considered getting a protection product like life insurance?

This can provide for your family financially after you're gone and it could be worth spending a few extra pounds a week to give yourself the peace of mind that it brings.

And if you fall ill and are unable to work, you could benefit from critical illness cover or income protection, which can provide your family with an income if you're unable to provide for them for a period of time.

For more advice on protection for your family, visit MoneyExtra.com.

Debt risk from increased travel fees

People are in more chance of falling into debt after inflation rose to 4.5 per cent in April, largely driven by increased prices for air and sea travel.

The Office of National Statistics (ONS) indicates that plane fares rose by 29 per cent, whilst the price of going somewhere on a boat increased by 22.3 per cent.

Consumers who need to travel, particularly with the summer holidays just around the corner, should be weary about running up debt by going with major carriers and investigate the budget market more thoroughly, as it could save them a lot of money.

The ONS also pointed out that inflation rose due to increases in the price of alcohol and tobacco, which could prompt people to cut back and get the side benefit of improving their health.

If you need help to get yourself out of debt, contact MoneyExtra.com, the money experts.

Debt concern over phone loss

Women who are on holiday will be keeping a closer eye on their mobile phone after a newlywed couple ended up with a huge debt when their mobile was taken on their honeymoon.

Whilst banks have to cover losses sustained by fraud, there's no such rules for mobile phone operators, so according to the Telegraph, the couple in question will have to stump up over £4,000 (£4,100) to cover the cost.

The best advice for women looking to avoid facing this kind of debt is keep an eye on your mobile at all times and make sure your handbag is fastened when out and about, particularly in busy areas.

Jonathan Leggett of Top10.com also points out that having a password to protect your handset won't stop your Sim card being used in another phone, so make sure you lock it with a Pin code.

For more tips on avoid debt, contact MoneyExtra.com.

Avoid debt as incomes drop to 2005 level

People could find themselves in all kinds of debt trouble, after it was revealed that household incomes may drop to the levels they were at in 2005.

The Institute of Fiscal Studies (IFS) believes that it's "entirely possible" that the average income could drop by three per cent this year, despite the fact that inflation is more than double the Bank of England's target and has been forecast to get worse.

The Bank's governor, Mervyn King, believes that energy prices are going to keep inflation high, so it'd make sense to be more energy conscious around the home, which is pretty simple to do.

Installing energy-saving lights, switching appliances off at the wall and getting your house insulated are just three of the ways you can tackle energy debt.

For more advice on savings and debt, get in touch with MoneyExtra.com, the money experts.

FA Cup final debt figure

Men who have been lucky enough to secure tickets for Saturday's FA Cup final could find that, in the long run, they haven't been so fortunate after all.

With the clash being Manchester City's first final in the competition for 30 years, and the first ever for Stoke, the desire for fans to make their way to Wembley has been even more acute this year.

However, the fans' devotion comes at a cost that could leave them with debt problems in the future.

The tickets alone cost a minimum of £45 each and can be as much as £115 – 22 per cent higher than last year. Put on top of that the cost of travel and accommodation, as well as the cost of programmes, food and drink at the stadium, and a debt hangover could soon ensue.

If you have debt problems after a long season of following your team, get advice from MoneyExtra.com today.

Debt help possible for Silver RPI

Older people are hundreds of pounds worse off due to the high cost of living, leading many of them to be concerned about debt.

Age UK has discovered that over-55s are more than £900 (£934) a year worse off on average, as the goods and services that they typically buy are increasing in price at a quicker rate than the average.

The Silver RPI measure finds that people aged between 65 and 69 could face the highest levels of debt, as they are paying in excess of £1,000 (£1,054) more a year than they were in 2008.

In order to combat the relative rise in their cost of living, older people should make sure that they shop around for things like gas and electricity, as these have increased in price vastly in recent months.

For more help on avoiding debt, contact MoneyExtra, the money experts.

Energy price hikes trigger debt fears

Older people could find themselves struggling with debt as a UK utility company warns consumers may end up seeing further energy price rises.

Centrica's Interim Management Statement says that wholesale prices of gas and power for delivery in winter 2011/12 are currently around 25% higher than prices last winter.

Centrica is the second of the big six suppliers to talk publicly about the impact higher wholesale prices are having on their business.

Ann Robinson, Director of Consumer Policy at uSwitch.com, says: “Clearly they are preparing the ground for a second round of price increases and consumers should definitely see this as a warning.”

She has urged suppliers however to “hold fire for as long as they can,” and “to protect consumers for as long as possible”.

To help get in control of your debt levels, contact the experts at MoneyExtra.com today.

Debt fears drive mums back to work

Millions of women are going back to work just a few weeks after giving birth, as they fear falling into debt as a result of the high cost of living.

Research from Philips Avent has found that eight out of ten new mums went back to the office because they were "in desperate need of money", with just one-in-five returning to work for the love of their job.

Worryingly, despite being back at work, 43 per cent of mothers can't afford to pay childcare costs due to their debt levels, meaning many have to rely on family to care for their newborns.

It also emerged that debt worries constantly pray on the mind of more than half (56 per cent) of the women surveyed, whilst a similar number have less than £200 of disposable income a month.

To help get in control of your debt levels, contact the experts at MoneyExtra.com today.

Avoid debt advice with home cooking

Women aren't cooking as much as their mothers did, but they could save money and avoid needing debt advice by reverting to freshly-prepared meals.

Research for the Good Food channel has found that the average woman can only cook seven dishes from scratch. By comparison, their mums could rustle up double that number of meals off the top of their heads.

Many of the women polled thought that they were keeping costs down by choosing ready meals, but they could help themselves avoid the need for debt advice – and provide healthier meals – by shopping more intelligently.

This could involve buying cheaper cuts of meat, not relying on the supermarket for all their food and planning ahead before they buy.

To find out more hints and tips to avoid the need for debt advice, get in touch with MoneyExtra today.

Debt problems to grow?

Rising unemployment and high inflation is going to lead to rising debt problems, a charity has warned.

The Office for Budget Responsibility (OBR) has recently revised upwards its predictions for peak unemployment, inflation and household debt over the next few years.

Now the Consumer Credit Counselling Service (CCCS) is warning the latest forecast "spells disaster" for consumers meaning that more will struggle with their debts.

The CCCS say that nearly half of the people they counselled last year cited unemployment or reduced income as the reason for their debt problem. And with rising inflation it says that the problem will be made worse as people's disposable income falls.

If you want to reduce the cost of your borrowing logon to Moneyextra.com and let us compare the market for you.

Pay highest debt first

If you want to get out of debt as quickly as possible it is vital to pay the most of the expensive loans and cards first, according to Savvywoman.co.uk.

Sarah Pennells, editor of the site says that those looking to be debt-free as soon as possible should be paying of borrowing in the right order as that "way your money is working harder because you are spending less time building up the debt on the highest interest rate."

Ms Pennells says that it can be tempting to pay off the smallest debt first as will encourage people to pay off more in future but instead they should pay of the highest debt.

If you want to bring down the cost of your debt logon to Moneyextra.com and let us compare the whole of the market for you.

Families struggling with debt

There has been a rise in the number of families struggling to pay off debt, according to new figures.

The Consumer Credit Counselling Service (CCCS) is warning that job losses and reduced income from work will mean that many families will be unable to pay their debts in the coming months.

The charity says that families are particularly vulnerable as households with dependent children need an extra £650 a month just to cover everyday living costs compared to those without. And the more children a family has the worse the problem gets. In fact a family with more than three children needs an extra £45 per week to get by.

If you want to reduce the cost of your borrowing logon to Moneyextra.com and let us find the right deal for your needs.

Over 55s expect to die in debt

One in seven 'baby boomers' expect to die in debt, according to Aviva.

Its Real Retirement report reveals that many over 55's are struggling to clear their debt before retirement and some expect never to clear their debt.

According to the research almost a quarter (23 per cent) don’t expect to be debt-free until they are at least 75 and one in seven (15 per cent) say they will still have debts when they die.

The research found that almost one third have some form of unsecured debt that they can't clear and one in five still have a mortgage to pay off.

If you want to reduce the cost of your borrowing logon to Moneyextra.com and let us do the hard work for you.

House prices wobble

It's bad news for homeowners and good news for first-time buyers looking to take out mortgages – new figures from Halifax suggest that average house prices fell by almost one per cent in February.

The lender's All Houses-All Buyers index dropped by 0.9 per cent last month, having risen by 0.8 per cent in January. House prices are now 2.8 per cent lower than they were in February 2010.

Halifax's housing economist Martin Ellis predicted a two per cent drop over the course of this year, warning that the lack of houses coming on to the market is a primary factor in preventing any bigger drops.

Although mortgage lending has been picking up, home loans are still difficult to come by – and house prices still remain well out of the reach of many first-time buyers.

If you're a first-time buyer looking for a mortgage or a homeowner looking to remortgage, make sure you get the best deal by talking to MoneyExtra.com.

Expert: set a budget and stick to it

Brits are being advised to set a budget and stick to it in order to pay down any debt they may have.

Richard Sorsky, money advice co-ordinator at the UK Insolvency Helpline says that people need to take an hour to sit down and get their finances in order.

He says that people using their credit cards and loans to fund their daily spending has caused debt to spiral.

His comments come as the charity the Consumer Credit Counselling Service (CCCS) reports that there was a sharp rise in the number of people counselled online for their debt problems in January.

If you want to reduce the cost of your borrowing logon to Moneyextra.com and let us compare the whole of the market for you.

Warning over wedding debt

Couples are landing up in huge amounts of debt just to pay for a "fairytale" wedding, according to the Work and Pensions Secretary.

Speaking at the launch of National Marriage week in the House of Commons Iain Duncan Smith said that couples are being saddled with huge amounts of debt just to try and have an "Hello! style wedding".

Mr Duncan Smith said the average cost of a wedding had risen to £20,000 which was a serious deterrent to tying the knot.

He said it was not right that newlyweds were being stuck with the "hangover of debt" from day one of marriage.

If you want help to find cheaper credit logon to Moneyextra.com and let us find the right deal for your needs.

Personal insolvencies to keep rising

A debt charity is warning that the level of personal insolvencies is likely to continue to rise.

Recent figures from the Insolvency Service show that the number of personal insolvencies rose in 2010 to over 135,000.

Now the Consumer Credit Counselling Service (CCCS) is warning that a mixture of tight household budgets, which has been made worse by the recent VAT rise, rising inflation and an uncertain employment market will push many debtors over the edge.

They are worried that debt charities would not be able to cope with the numbers needing help, leaving fee charging companies to plug the gap.

If you need help to make your borrowing cheaper logon to Moneyextra.com and let us find the right deal for your needs.

Consumers shun store cards

Consumers are continuing to shun store cards, new research has shown.

According to the Finance & Leasing Association (FLA) store card and store instalment credit business was down by 25 and 11 per cent in November last year. They also found that credit card spending was flat when compared with November 2009.

But when it came to personal unsecured loans they rose by 34 per cent in November. However, this is compared to very low credit growth in November 2009.

The FLA is also warning that although the new Consumer Credit Directive due to come into force next month will help consumers it may still affect access to credit on the high street.

If you want to find the best deal on your borrowing logon to Moneyextra.com and let us compare the market for you.

Santander to charge daily overdraft fees

Santander is changing its overdraft charges from March.

The Spanish bank, who owns Abbey and Alliance and Leicester, will be charging customers a daily overdraft fee from March 16th – in a move that they say will make charges more transparent.

All of its customers, apart from those with the bank's zero current accounts, will be charged a daily rate of 50p for arranged overdrafts and £5 per day for unauthorised overdrafts.

They say that the new charges will be easier to understand for customer; according to the bank's research 96 per cent of people believe banks should make overdraft charging clearer and that 65 per cent of customers felt that daily fees are easier to understand.

If you want to compare overdraft rates logon to Moneyextra.com and let us do the hard work for you.

Extra £18,000 needed to pay debt

Consumers will need to find an extra £1,800 by 2015 just to pay the interest on their unsecured debt, a new report has found.

According to PWC's ‘Precious Plastic 2011’ survey with interest rates predicted to rise to three per cent by the middle of the decade a "significant proportion" of people's disposable income will need to go on paying the interest on their borrowing.

However, the report also found that the level of unsecured lending fell by £500 per household last year and they expect it to fall by a further £300 this year.

If you want to find a better deal on your credit cards and loans logon onto Moneyextra.com and let us find the best deal for your needs

Debt:£15,837 is considered normal

Brits now only see themselves in serious financial difficulty once they are nearly £16,000 in debt, Scottish Provident's Financial Safety Net report has found.

They say that the current economic climate has had affect on Britons' attitude to their personal finances as their view of what is a manageable level of debt "has spiralled out of control".

And younger people have an even larger debt threshold as they believe they would have to have debts of over £16,500 before finding themselves in serious financial difficulty while for over 50s the figure is lower at around £14,000.

If you want help managing your debt logon to Moneyextra.com where we can help you find the best deal for your financial needs.

Bankruptcies to go up in 2011

We are likely to see more bankruptcies this year one expert has claimed.

Ian Boden-Smyth, spokesperson for the UK Insolvency Helpline Debt Advice Service believes that with this year's public sector cuts and redundancies taking hold more people will be feeling the pinch.

Alongside this is the fact that most people will be facing higher debt levels in January following Christmas spending.

He predicts that this will be "one of the busiest quarters [the charity has] seen in many years."

Mr Boden-Smyth is also worried about the number of people on debt management plans which he claims is "a bit like pushing it under the carpet".

If you want help managing your borrowing logon to Moneyextra.com and let us do the hard work for you.

Credit cards: £6.4 spent online each month

£6.4 billion is spent on credit cards online each month.

New research from Sainsbury's Finance shows that 25.4 million adults now regularly make purchases online using their credit cards.

They found that the average person spend £192 per month on their credit cards to make online purchases which adds up to £6.4 billion pounds. In fact just seven per cent of credit card holders don't use their cards online at all.

And as for what they are buying well Sainsbury's reckons its DVDs and music, followed by books, fashion items and holidays.

If you want to find a credit card suitable for your online shopping needs logon to Moneyextra.com where we can compare the market and find the best deal for you.

Going into the red= 46m%?

Going into the red this Christmas could cost you more than a staggering 46 million per cent in interest new research has revealed.

An investigation by the Money Mail has found that the interest and charges put on unauthorised overdrafts could be forcing borrowers to go to pay day lenders.

They looked at the fees and charges that would be levied if a customer ran up an unauthorised overdraft of £200 for 10 days. The Money Mail found that some banks charged as little as £8 while other the levy was over £80.

If you want help to find the best overdraft rate for your needs logon to Moneyextra.com and we can compare the market for you and find the best deal.

Bankruptcy falls

The number of people going bankrupt has fallen in the last year.

The Insolvency Service reports that there were 3.7 per cent fewer personal insolvencies in the quarter till September than there were in the same quarter of 2009.

However, the stats which include bankruptcies, debt relief orders and individual voluntary arrangements are still well above the level seen before the financial crisis.

The figures also show that the number of people being made bankrupt dropped to a five year low thanks to an increase in the number of people taking out debt relief orders - which offer an alternative to bankruptcy for people with debts of less than £15,000, assets of less than £300 and less than £50 surplus income a month.

If you need help to pay off debt log onto Moneyextra.com and let us find the best deal for you.

Middle age women going bankrupt

The number of bankruptcies among middle age women has risen according to a new report.

Research conducted by accountant Wilkins Kennedy shows that the number of bankrupt women aged between 35 and 54 jumped to over 15,000 in 2009, up from just over 11,000 in 2008.

And it was women aged between 45 and 54 who have been hit the hardest. That age group saw the fastest increase in bankruptcies with the number soaring 40 per cent in 2009.

In contrast, the number of middle-aged men who had been made bankrupt rose by just 22 per cent.

Wilkins Kennedy has attributed the rise to loss of income combined with another external shock such as divorce.

If you need help to pay off debt log onto Moneyextra.com and we will do all the hard work for you.

Debt: More than GDP

The amount owed by individuals in the UK is more than the country produces in a year – new figures have shown.

According to the charity Credit Action households owed a combined debt of just over £1,400 billion during September.

They found that net lending climbed by £400 million because of a £100 million net increase in secured borrowing and a £300 million rise in consumer credit.

And the amount still owed on personal loans and credit card bills reached £216 billion.

In total the average household debt in the UK including mortgages stood at nearly £60,000, Credit Action said.

If you need help to pay off borrowing log onto Moneyextra.com and we will do all the hard work for you.

Debt problems due to spending cuts

A leading debt charity is warning that there could be a surge a in the number of people seeking debt advice, following the publication of the Comprehensive Spending Review.

Yesterday (October 20th 2010) the chancellor of the exchequer, George Osborne, announced the biggest UK spending cuts for decades; with welfare, the police and local government among the areas affected.

Now the Consumer Credit Counselling Service (CCCS) is predicting that more people will be unable to meet their debt repayments as result of the cutbacks.

The charity has already seen a rise in the number of its clients on reduced hours and overtime bans and now it is worried that the plans announced in the CSR could lead to further problems.

Debt means Britons can't save

As many as three million people in the UK are worse off than they were three years ago, because the rising cost of outgoings and debt means consumers have nothing to fall back on.

The MoneyMood Survey by Legal & General found that in September of 2007 60 per cent of households had some money left over after paying their bills and covering their debt.

At the end of the same month in 2010, only 50 per cent of consumers questioned said they had any money remaining after outgoings and debt.

Executive director for Legal & General, Mark Gregory, said the number of households with cash left over after servicing debt has dropped significantly.

He said: "Around 11.5 million homes, are budgeting on a fine balance between managing to pay bills and sinking into debt."

If you are one of the millions failing to put anything away thanks to debt, get online to MoneyExtra where we will do the leg work in finding solutions for you.

Student debt hike?

Academics are concerned that proposals made by Lord Browne this week regarding student fees could mean widespread debt amid the biggest shakeup of student fees for eight years.

Suggestions made to remove the cap in fees would make England’s degrees the world’s most expensive when the end of affordable university for the masses.

Business secretary Vince Cable told the House of Commons that a new tuition fee level of £7,000 per year, were being weighed up by ministers.

This would mean doubling the current £3,290 fee cap, with students facing horrific levels of debt upon graduation, as some British universities could charge as high as £12,000 per year, for certain courses.

To find out the best ways to plan for the futures of you or your children, get online to MoneyExtra where we can do the leg work for you.

Debt sufferers: pay off creditors first

People suffering with debt problems may want to pay off what debts they have, before they think about where to commit their expendable earnings in the future.

That is the advice coming from financial services body, Informed Choice.

Chartered financial planner at the organisation, Martin Bamford, feels that consumers must plan for their financial future much more efficiently.

He said: "When we meet clients it is very rare that they have provision in place for even a couple of months, let alone half a year."

However, Mr Bamford said it would be pointless for consumers to squirrel away money in case of emergency - if consumers are paying off expensive debts with very high rates of interest.

Debt for high earners?

The recent announcement by the coalition chancellor George Osborne that a complete cut to child benefit for higher income families will be made could leave some households facing debt problems.

It was revealed at the Conservative Party Conference on Monday this week, that people classed as receiving income in the high tax brackets would become ineligible for child benefits by 2013.

This could mean families within this demographic could stand to be thousands of pounds worse off each year – potentially leading to higher levels of debt.

Households containing one wage-earner can have income of up to £44,000 and stil be eligible for child benefits, while those containing two salaries must earn below £88,000.

If you are struggling to manage your own debt levels, then MoneyExtra can offer objective advice and information so that you can find a solution to fit your issues.

High debt in leader's constituency

The political constituency of new Labour leader Ed Miliband is suffering from a high proportion of personal debt, according to insolvency service R3.

The news comes as the firm issued a warning to consumers regarding the public sector cutbacks.

President of the company, Stephen Law, urged caution as a UK image map of the hardest-hit regions was released – detailing the levels of personal debt by location.

Ed Miliband's Doncaster is situated in the north-east of the country, the region in which figures rank highly for debt problems.

Mr Law said: "Our research also shows that 42 per cent of the British population are currently finding it a struggle financially to get through the month."

No matter where in the UK you are located, MoneyExtra can help your stress and relieve your debt worries today.

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Debt companies face crackdown

The Office of Fair Trading have announced that they will be tackling 'debt cowboys' who make implausible claims in their advertising, whilst actually leaving their customers in a worse financial state than before, yet still charging them.

This crackdown is part of the government watchdog's 'compliance review' of the whole sector.

So far the action taken has mainly been confined to forced amendments to misleading language in adverts, but there is talk of some debt management companies having their licences revoked entirely if they do not improve their trading standards.

Charities such as Money Advice Trust have welcomed the announcement.

The debt management sector currently has around 800 businesses operating within it.

Debt problems caused by price rise of energy

Energy secretary for the government, Chris Huhne has said the coalition will take action over hidden charges owing to a rise in the price for energy – which could heap misery on consumers suffering with debt.

UK residents suffering with debt problems may well be worried about how their bills would be covered, should utility firms increase the cost of energy in the home.

Mr Huhne's comments made at the Liverpool conference this week showed the energy secretary would tackle those providers who are not transparent in their charges.

He said that couldn't "think of another example where you start paying more for something without being told about it."

Moneyextra can help do the leg work for you when it comes to managing your finances, so you can be prepared should debt hit you at the worst of times.

Debt: To creep up in the next two years

People need to tighten their belt and start living within their means to avoid falling into debt problems, according to a money advice charity.

Credit Action has warned that the amount of personal debt are increasing once again as people continue to insist on a certain level of lifestyle quality.

Director of Credit Action, Richard Talbot, said that personal debt is piling up because consumers are "living beyond their means".

The comments were made as a study from insolvency firm R3, found that salaries are lasting only as long as day 20 in the month, for as many as 42 per cent of adults in the UK.

To find out how to make your pay packet stretch that little bit further, MoneyExtra.com can help put your mind at ease by taking you through the best options for your circumstances.

Seek business advice to avoid serious debt

Seek professional advice to prevent your business facing debts because of public sector cuts.

That's the advice from experts following research that found up to 150,000 small business owners could face insolvency when the spending cuts hit.

A recent study by insolvency trade body R3 found that a third of such firms were reliant on contracts with public sector bodies and their owners are worried that the loss of such work will send their debts spiralling.

The organisation is advising businesses to plan ahead to avoid the worst case scenario of bankruptcy.

R3 president Steve Law says "Businesses need to be aware of this risk and seek professional advice before this reliance on the public sector work threatens their survival".

Debt problems for jobseekers

Thousands of Britain's jobseekers are suffering substantial debt problems they are having difficulty repaying.

The Consumer Credit Counselling Service says that one in eight people claiming Jobseekers Allowance who get in touch with the charity in the early half of 2010, owed tens of thousands of pounds in unsecured debt.

Almost fourteen and a half thousand people typically owed more than fifteen thousand pounds to an average of five creditors.

CCCS chairman, Malcolm Hurlston said the "government must be mindful of how welfare cuts will affect those living off benefits and move to ensure they are not damning huge numbers of people to a lifetime of debt."

If you are worried about debt in a situation where it is almost impossible to repay your creditors, contact MoneyExtra.com and let us take some weight off our shoulders.

Debt written off on the rise

Debt has been written off by banks at a record rate despite charitable bodies reporting a drop in calls for help.

The figures come from the Bank of England and show the amount of debt being cancelled by credit card providers peaked during Quarter 2 of 2010.

Creditors will write off debt should they deem borrowers to be incapable of repaying the money owed – with the amount of cancellations rising to £2.1 billion from £1.3 billion, since the first quarter of this year.

The figures mean that this year's total overall is on course to beat last year's record value for debt written off – of £4.1 billion.

If you're worried about the level of debt repayments owed on your credit cards, get in touch with Moneyextra.com for advice today.
…

Shopaholics in big debt

The UK is caught in the grasp of a shopping epidemic which is causing thousands of people to spiral into debt.

According to research by consumer body uSwitch, Britain's shopping addicts have a typical personal debt of three thousand three hundred pounds.

This figure is larger than the UK's average personal debt by a factor of three, with the phenomenon hitting men and women alike.

uSwitch say four million women are in retail debt, but the situation has trapped three million men as well.

Director of Consumer Policy, for uSwitch.com, Anne Robinson, said: "In today's celebrity obsessed society, any lessons learnt from the recession have been airbrushed out of the picture."

If you're getting tempted by the high street shops, but don't want to get into a debt spiral, then MoneyExtra.com can help make your money stretch further.

Work experience to help future debt

UK firms should be given incentives to offer young people paid internships in a bid to help them get out of unemployment – which could lead to debt.

This is the view of the Prince's Trust, who say that a chance to gain experience could lead to a career which will help ease debt problems later in life.

Director of policy and development at the Prince's Trust, Ginny Lunn, said that internships can help out of work youths become more employable.

She said: "Encouraging employers with cash incentives will open doors for young people which would otherwise remain closed."

Getting people off benefits through a paid placement would also help to relieve the economy.

If you have concerns about debt now or later in life, make your money stretch further with Moneyextra.com.

Credit card offers: more debt

Britain is in danger of suffering a new personal debt boom, as banks offer more generous credit card deals than before the recession.

Banks proposing less expensive credit than was available before the downturn are attracting people already in debt, who hope to re-balance their finances.

Some banks are offering credit cards with attractive interest free rates for the first 12 months - but leave households looking at high interest rates after this term.

The news comes as the Office for Budget Responsibility predict a typical UK family may borrow almost twenty five thousand pounds by 2015.

If you're struggling with your finances but don’t want to get into more debt, then make your money stretch further at MoneyExtra.com.

Debt hardship: Cost of credit

People in debt could be suffering as the cost of credit card borrowing continues to rise in the UK.

The Bank of England's Trends in Lending stats show the typical interest rate taken on by customers currently stands at 12.38 per cent.

This represents a gulf of 12 per cent over the current historically low 0.5 per cent base rate.

As recently as June 2008, credit card providers were subject to a margin of just over 7 per cent higher than base rate.

Head of Research and Policy at the Money Advice Trust, Louisa Parker, said:

"The cost of borrowing on a credit card has remained entirely decoupled from the Bank of England base rate."

If you're worried about debt due to credit, then make the most from your money and compare and save, at MoneyExtra.com.

Debt advice rise for the bereaved

There has been a rise in calls to advice lines from people finding it difficult to cope with debt in the face of a bereavement.

The Consumer Credit Counselling Service has said that many of the people looking for help are husbands or wives who have lost a spouse.

These people are now struggling to pay off arrears that were once a joint responsibility.

Head of helpline for the CCCS, Laura Carver, said: "Bereavement is difficult enough, but finding that you have to deal with debt makes it that much harder."

She did urge however, that people in this position should let their creditors know – as chances are, they will take an understanding approach.

If you're a saver looking to make the most from your money, then compare and save at MoneyExtra.com.

Student debt: parental help fading

Debt advice could be more in demand than ever among students, as a new study shows that many students are receiving less financial help from their parents.

Research carried out by NatWest found that 28 per cent of students now get less support from home compared with 12 months ago.

A massive 46 per cent, however, have been unlucky enough to get no parental help whatsoever in the last year.

Head of NatWest student banking, Tom Adamson, said: "More students are working over the summer to bring in extra money rather than travelling."

If you want to avoid excessive debt upon graduating - then MoneyExtra may be able to help you to write off debt that you can't afford.

Debt help: voluntary repossessions

With times being tough at the moment, with wages freezing and the cost of living rising – people struggling with debt may find those mortgage payments especially difficult to meet.

Comments made this week however, have suggested that voluntary repossessions of homes could turn out to be the least gruelling option.

It has been said to be even more sensible choice, should people in debt be trying to support a family.

This is the view of Chris Jenkins, co-owner of the Homeowners Advice Centre.

He says that once other outlets have been exhausted, voluntary repossessions could be worth looking into.

If you've found that debt problems have just mounted up, then MoneyExtra may be able to help you to write off debt that you can't afford.

Debt Solutions: Safeguarding

As debt problems increase, more than one million UK residents are taking out a payday loan each year – a figure which has quadrupled since 1996.

Research by Consumer Focus suggests that despite providers charging huge rates of interest, Brits have borrowed a £1.2 billion, so they can cope until payday.

The consumer body is urging the sector to apply more protective measures in order to account for people in serious debt.

Head of financial services at Consumer Focus, Sarah Brooks said that payday loans do beat the loan shark, as a valid form of credit.

She added, however: "There needs to be a limit on the number of loans people take out and how many loans they are able to roll over."

For Extra savings and Extra value compare and save at MoneyExtra.com.

Debt Advice rises with Economic Growth issues

Following the Bank of England's revised predictions for economic growth, there're fears that more people could be in need of debt advice.

Predictions for growth in 2011 were to be around 3.5 percent, but the Bank's latest figures now say it will be between 2.5 and three percent.

The news comes at the same time as the Office for National Statistics' findings that people's average earnings growth has decreased in the year up to June 2010 to just 1.3 percent.

If it continues that wage increases don't keep up with the rate of inflation people struggling to keep their heads above water now could need debt advice soon.

If you owe an unmanageable amount of money on unsecured debts like credit cards, store cards or personal loans, then debt solutions could help you to get back on track, why not give us a call at MoneyExtra now, to see how we can help you.

Debt support is needed from Banks

Banks should put public service ahead of profit, according to consumer champions Which?

The organisation has put together an action plan after the Future of Banking Commission highlighted that a dramatic change in banking culture was needed to move the industry forward after the recession.

Which?'s chief executive Peter Vicary-Smith accuses the banks of "mis-selling" and providing "poor products and unsuitable financial advice", which are of little help to those with debt problems.

Amongst Which?'s recommendations are making bank fees fair and supporting customers when they are in debt.

They also believe that incentives and commissions should be banned and replaced with long-term incentives for banking staff.

People with savings should also be informed of any potential risk to their money and switching banks should be made much easier.

To discuss your debt issues, get in touch with MoneyExtra, the money experts.

Insurance debt concern for pensioners

Older people face big decisions over insurance and risk falling into debt misery whichever option they choose.

New research from Which? shows that people over the age of 65 are being hit hard by insurers.

This is forcing them to choose between expensive insurance – which could leave them mired in debt – or running the risk of no cover.

If an older person went abroad without travel insurance and needed medical help, the debt they would accrue could run into the thousands, leaving many to seek help with paying off their debt.

Which?'s Peter Vicary-Smith claims that older people are getting a "raw deal… just when they may need cover the most" and advises that they shop around to find the best rate for them.

If you find yourself with debt problems, which not get in touch with MoneyExtra, the money experts.

Debt: Don’t be conned by fake personal loans

People in debt are being warned about fake personal loan companies who charge upfront fees before disappearing with the cash.

Citizens Advice found that cold calling, newspaper ads, internet sites and even text messages had been used to lure vulnerable people with debt problems into the scam.

After persuading them to sign-up to the loans the companies demanded anywhere from £35 to £2000 as an initial fee, claiming that the loan would be transferred to the client in a matter of days.

In most cases the cash never materialised leaving people with already severe financially difficulties in an even worse predicament.

If you want clear, professional advice on debt, then contact MoneyExtra now to stop being hassled by creditors and say goodbye to stress.

Debt more likely to increase with job losses

The latest figures from the Office of National Statistics show that the UK's labour market is still suffering as unemployment continues to rise.

The data, which covers the three months until April, put the unemployment rate at 7.9 percent, up from 7.8 percent in the previous quarter.

The total now stands at 2.47 million people, a rise of 23,000 since the start of the year.

The ONS also found that the number of people classed as economically inactive has hit a record high, with 8.19 million working age people not in or seeking employment.

If you've been affected by unemployment or if you've found that problem debt has just built up, then MoneyExtra may be able to help you to write off debt that you can't afford.

Debt: Don’t get bit by Loan sharks

People with debt problems are risking bad advice, extortionate interest rates and even bankruptcy by turning to loan sharks and doorstep money lenders instead of legitimate sources of finance.

A recent survey by insolvency group R3 has found that 67,000, or seven percent, of almost one million people struggling with debt had contacted a loan shark.

Another 13 percent of debtors had considered a dodgy loan instead of looking around for legitimate sources of finance and debt advice.

If you're struggling with debt then go to the debt section here on MoneyExtra to find out how you can stop being hassled by creditors and can say goodbye to debt stress.

Banking reforms must help those in debt

Vulnerable people need to be considered when banking reforms are announced to help them build up savings and stay clear of further debt.

In its On the Margins report, Consumer Focus points out that nearly a million adults in the UK don't have any form of bank account.

These include some of society's most vulnerable, such as the bereaved, bankrupt and mentally ill.

The report points out that these people end up increasing debt levels as they miss out on the benefits of bank accounts, such as having to pay more for bills as they can’t use Direct Debit.

Consumer Focus' Chief Executive Mike O'Connor has urged the vulnerable to be helped, commenting that "life without a bank account can cost time, money and convenience.

It is another stark reminder that those with less often end up paying more."

For more savings and debt information, head to MoneyExtra.com, the money experts.

Debt sufferers failed by energy firms

Energy suppliers are not doing enough to help people in debt, a new study has discovered.

The review from Ofgem and Consumer Focus discovered that firms are failing to take into account indebted customers' ability to make repayments.

As a result, Ofgem have issued guidelines for energy companies so that they can work with people in debt to get the best outcome for all concerned.

These steps include the firms making proactive contact with the customer and making sure they understand what their debt is and when it is due.

The also recommended that debt repayments to suppliers should be tailored according to each customer's needs.

However, the report did point out that energy firms are making ‘good progress' with the way they deal with people in debt.

For Extra savings and Extra value compare and save at MoneyExtra.com.

Debt worries for millions of Brits

Debt is a major fear for many of us, according to a new survey conducted by a poverty charity.

The research from Elizabeth Finn Care shows that almost three out of four (73 per cent) adults are worried about debt levels, and are bracing themselves for higher interest rates, unemployment and bills.

Matthew Sykes, chief executive of the charity commented that: "Our research clearly demonstrates the effects of the financial crisis on the British people.

It's worrying to see that over a quarter of those who think they will be finally worse off in six months have no savings left."

The poll revealed that nearly four in ten (39 per cent) think that they will be worse off by the end of the year.

Of this number, nearly half (46 per cent) plan to cut back on petrol and other transport costs.

For Extra savings and Extra value compare and save at MoneyExtra.com.

Debt equals depression?

As millions of us struggle with debt and money problems, there are fears that it will lead to an increase in the number of people becoming depressed.

People with financial worries are more likely to suffer from psychological problems, according to a new study from the Nottingham School of Economics.

In their research, they examined information from the Families and Children Survey, which revealed that 13 per cent of people who had debt problems also suffered from mental health issues.

By comparison, only 3 per cent with no debt worries suffered from psychological problems.

Some of the biggest causes for concern are debts owed to relatives and friends, whether they’re overdue or not.

Professor Richard Disney, who carried out the study, remarked that: "We have figures that show more and more people have been seeking advice from counselling agencies and from friends and relatives."

Make your money stretch even further at MoneyExtra.com

Debt: The need to get welfare reform right!

A youth charity has urged the government to get welfare reform right, so people in debt can be helped as soon as possible.

The Child Poverty Action Group (CPAG) has highlighted a number of priorities that they want Secretary of State for Welfare and Pensions, Iain Duncan Smith, to focus on.

The group believe that going to work must be made worthwhile, after their findings discovered that nearly six out of ten (59 per cent) children in poverty have a parent in work.

People's debt problems are also not being helped by the support that they get whilst looking for work.

The charity indicates that many people who are unemployed at being "shunted" into inappropriate activities.

Imran Hussain of CPAG commented that people in debt need a "genuine safety net" and that the government had a chance to turn away from "recent failures".

For more debt help, visit MoneyExtra.com, the money experts.

Debt charity calls for fairness

A youth debt charity has called for fairness from the government, in order to protect families from financial problems in the future.

"The benefit system should be judged on protecting family security, supporting people into decent jobs and spending public money efficiently," commented Imran Hussain of the Child Poverty Action Group.

“Recent reforms have failed on all counts.”

This comes after the Queen's Speech unveiled details of how the government plans to relieve the country's debt, such as ending the Child Trust Fund at the end of the year.

Mr Hussain wants to see the debt dealt with fairly, though.

"A new Welfare Reform Bill is a chance to change direction away from the failed top-down sanctions bureaucracy that wastes public money and denies people entitlement to the support they need to get into work," he remarked.

If you find yourself needing debt information, visit MoneyExtra.com today – the money experts.

Debt risk during slow recovery

This year will remain to be tough for us all financially, as forecasts on the country's economy make gloomy reading.

The figures from the National Institute of Economic and Social Research (NIESR) show that GDP will grow by just one per cent this year, whilst consumer inflation will average at 3.1 per cent – well above the Bank of England's 2 per cent target.

High inflation is likely to mean that interest rates will stay low, which may be good news for us with credit cards and mortgages, but bad news for people with savings.

The report also indicates that a another 200,000 people will be put out of work by next year and that there need to be greater tax rises and spending cuts to ease the national debt.

If you feel as though you need financial help, get in touch with MoneyExtra.com, the money experts.

UK Credit Checks causing complications

Up to 10 million people in the UK could fail credit checks if they attempt to take out a mortgage or other financial product.

That’s according to research which found that 13 per cent of those surveyed had not sought credit services since before the year 2000.

With agencies unable to access data on accounts opened before this date, it means that customers may not have enough activity showing to pass an automated credit check.

And another 9 per cent are unsure whether they appear on the local electoral register, which can also seriously affect credit ratings.

Free credit checks are available online for anyone seeking to fine tune their rating or to find out why credit may have been refused.

If you’re looking for more information about all things credit then visit MoneyExtra.com, the online money experts.

Debt Management can be the way forward

Despite the number of supermarket deals being at an all time high, are you one of many consumers who've been put off spending more because of fears over personal debt.

New figures claims that shoppers are choosing cheaper option on five per sent fewer items than they did during the recession, but are still considerable thriftier than before the credit crunch.

It comes as a study by the British Retail Consortium claimed that anxiety over personal debt and economic downturn has bumped up the number of savers to a five year high.

If you're worried about unmanageable personal debt or you're thinking of putting some money aside, here at Moneyextra.com we have experts waiting to speak to you to help you get back on track.

Debt: Barclaycard writes off bad debt

If you're struggling with unmanageable credit card debts you're not alone.

A record number of Barclay's credit cards customers went bust last year, resulting in Britain's biggest credit card provider writing off £1.8 billion of bad debt.

Barclays aren't the only ones in this situation; analysts believe the total UK credit card debt written off this year could be as much as £5 billion.

The Mail reports that the increase in bad debts has been used by banks to justify the hike in card interest rates.

The paper goes onto say that the combination of reckless lending and a 'spend now pay later' attitude has left the country owing more than £54 billion on plastic.

If you need some help to sort out and manage your debts at Moneyextra.com we have advisers ready to listen and help you get back on track.

Credit card debt soars high by interest rates

Millions of credit card customers could be facing debts they simply can't cope with, as banks put up interest rates to their highest in 12 years.

Paying for anything on plastic will now cost you nearly 25 per cent more than it did four years ago, with almost seven million customers seeing their rates bumped up over the past year.

That's according to new figures which reflect the ever increasing squeeze on household finances, with nearly 20 per cent of credit card holder in the UK reaching for the plastic at least once a day.

A further two in five use their card to buy even basic items such as food and petrol and lenders have been accused of 'sticking the knife in' on households who are already struggling to cope, despite rate hikes.

If you have mounting debts or are worried about your future finances, here at Moneyextra.com we have experts on hand to discuss your options and help you get back on track.

Debt advice is the best step forward.

Personal debt in the UK is still a growing problem, with credit card debts soaring.That's according to new figures released by Credit Action, which says our collective personal credit card debt in the UK hovering at £54.5 billion, which stands at around just over £5 per person.APACS figures also claim that since 2008 there are more credit cards in the UK than people.This has lead experts to believe that as our reliance on credit increases, so will the number of people seeking credit card debt consolidation or restructuring of some kind.If you have mounting concerns about personal debt you might be struggling with, please don't hesitate to give us a call here at Moneyextra. One of our advisers will be happy to talk to you and offer advice to help you get back on track.

Government debt solutions who gets your vote?

According to a new study the amount of people struggling with serious debt problems in the UK could be larger than first thought.That's according to new research by the Conservative Party which suggests that under a Labour government; around 800,000 people have been declared insolvent. Before the third quarter of 1997, 400,000 personal insolvencies were recorded in England and Wales. These figures come as reports from the IMF warn that the level of personal debt in the UK could hold back the chances of an economic recovery.If you're thinking about trying to put some money aside this year or switch your current or savings account, here at Moneyextra.com we do all the hard work for you to make the most our of your money.

Check your credit file is up to date

Consumers could be getting turned down for credit cards, bank accounts and mortgages because their credit reference file's out of date or inaccurate. That's according to the Information Commissioner's Office who are urging people to make sure their credit rating's fair. David Smith, Deputy Commissioner of the ICO, says "Many of us will be relying on credit to get us through 2010. "Out of date or wrong information in your credit file might not only stop you getting the credit you need but could have further damaging or embarrassing consequences." Credit card companies and other lenders use the information on the credit reference file to decide whether potential customers have the ability to repay. Under the Data Protection Act everyone has the right to get hold of a copy, which can be done by writing to credit reference agencies and enclosing a small fee.

Loan demand down as people clear debts

More of us are paying off our debts and saving during the economic downturn.Figures from the British Bankers Association showed that the number of people applying for credit has fallen by 2.2% over the last year.The number of people saving their cash has gone up 3.2% in that time.Meanwhile mortgage lending has also risen by 4.7% since last year.44,713 were approved for house purchase in November which is a similar number to those approved two years ago.

Debt advice for Brits this Christmas

More and more people could find debt management a challenge this Christmas, it's been claimed. Brits might find keeping on top of mortgages and credit cards a burden in the run-up to the festive season according to a debt adviser.The National Debtline service received 23 per cent more calls in the first ten months of 2009 compared to the same period in 2008. But it's claimed this Christmas will be the organisation's "busiest on record".People worried about how they'll manage current accounts and finances should seek help as soon as they face debt difficulties. Moneyextra.com offers debt advice to keep your financial health in tip-top shape.

Debt preventing young adults from fleeing the nest require debt solutions

More and more young people - especially men - in their 20s and early 30s are living at home with their parents, according to the Office for National Statistics.The study found that this is partly due to rising levels of student debt – and that more people in these age groups are living at home with their parents than at any point in the past 20 years.Around a third of young adults are still with the folks because they can't get on the property ladder, according to the report.But not everyone has the option of living with their parents. So for another way to get out of debt, financial comparison site Moneyextra.com has debt solutions.It says the longer you leave the problems, the worse it gets so get going on getting debt free find solutions today.