debt news

New figures have shown that the number of insolvencies amongst women in the UK has soared in the past ten years, with credit cards being the main cause of debt problems.

The research by the Insolvency Service revealed that 40% of all bankruptcies are attributed to women, with 29,680 cases in 2009. This is a huge jump from the year 2000 when there were only 6,042 female bankruptcy cases.

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.

A new study has revealed that debt problems are having a ‘severe impact’ on people’s lives and can affect their health, job performance and relationships.

The survey, which was carried out by the Consumer Credit Counselling Service (CCCS), found that 83% of people who had sought out financial assistance said that their debt problems had has a negative impact on many aspects of their lives.

The Financial Services Authority (FSA) have announced plans to ban self certified home loans in a bid to limit the amount of mortgage lending.

The FSA is said to be “adamant” that it will impose new rules that will ban mortgage lending without proof of income or so-called ‘self-certified’ loans.

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.