loan news

New research has revealed that almost one million people in the UK are struggling with their debt problems alone, with a quarter believing that their debts aren’t big enough to seek help.

Edward Davey, the consumer affairs minister, announced this week that the government are planning to review the away that consumers are granted credit and how they deal with personal debt problems.

Lenders have said that they have seen a rise in the number of home loans in May, as low interest rates continue to attract home movers.

The amount that is being spent repaying home loans is at the lowest level in 35 years and home movers continue to benefit the most from the reduced interest levels, according to the Council of Mortgage Lenders (CML).

There were around 42,000 home loans approved in May, which is 15% higher than the same period last year and is up 2% on April.

New research has revealed that a third of Britons will get into debt problems so that they are able to go on their annual holiday.

According to the study by insurer Bright Grey 32% of people will use credit cards, a travel agent payment plan or by taking out a loan from friends.

A new report has shown that pensioners are using equity from their homes after suffering from debt problems.

Other pensioners were using the equity released from their homes to retire comfortably , whilst some are using the money to give to their families or make large purchases, according to the report by Age UK.