loan news

A new poll has showed that retired people are increasingly burdened by debt problems, around 34 per cent of retirees have unsecured loans and the average debt owed is £7,344.

Around 15 per cent of retirees are also still repaying their home loans, owing an average of £50,100 which is an £8,000 increase since 2007.

The poll by Scottish Widows also found that 7 per cent of retired people still had adult children who were financially dependent on them.

A controversial new study has suggested that students from wealthy families should have to pay more in university fees than those from poorer backgrounds.

The study by the Institute for Public Policy Research (IPPR) said that middle class parents should be forced to pay higher fees and also cover more living costs as the current student loan system is too expensive for the government.

New research by the financial website Moneynet.co.uk has shown that the average rate on personal loans has increased by 40 per cent over the past five years.

Figures showed that consumers taking out a £5,000 personal loan over a period of three years were paying rates that rose to an average rate of 12.27 per cent. This is an increase of 3.56 per cent since August 2004.

The soaring rates have continued despite the Bank of England’s base rate falling to 0.5 per cent in the same period.

A new study has shown that students who start at university this September will be left with debts of up to £23,500 by the time they graduate.

The Push Student Debt Survey found that debts for students at varying levels in their degrees owed £5,000 worth of debt, and this figure is on the rise.

Customers who are currently on super low tracker mortgages and paying close to 0% interest now face paying thousands of pounds a year in interest, as their mortgage deals come to an end.

Thousands of homeowners will face the decision of whether to remortgage their property, especially in light of the Bank of England’s quarterly inflation report which suggests that interest rates could remain low.