Essentially Home Loans Weblog

According to a survey by Nationwide Building Society only 29% of credit card customers are aware of the fact that many credit card providers always pay off debts charged at the lowest interest rate before paying off the debts with the higher rate of interest, making themselves an additional £500 million each year from this [...]

The amount of debt that families across the UK are defaulting on has hit a record high according the figures from the Bank of England. In the first half of 2007 banks were forced to write off £3.74bn because borrowers are failing to pay back their loans. This means that everyday households in the UK [...]

New figures from Mintel reveal that Britons are in twice as much debt as they think they are.  When the subjects of the research were asked to estimate just how much money they thought they owed in unsecured debts such as credit cards, overdrafts and loans, the average UK adult replied that they thought they [...]

Record levels of UK credit card spending, despite recent downturns in early 2007, are forcing many consumers into bankruptcy.  Credit Advice claims that credit cards factor into 97% of the cases they see on a daily basis. Credit card debt is high, carrying with it an almost unbearable interest rate burden. Some cards now experience [...]

The Credit Card use in the UK has decreased. This decreases the unsecured loan burden in the UK.  However, the problem has not turned around yet. The Debt Counsellors Annual UK Debt Survey, places the focus on store card debt and credit cards as the prominent factors causing debt problems in UK households. They expect [...]

Despite the fact that many UK consumers have slowed down on their spending, with personal loan uptake and credit card spending dropping considerably in the last few months, the inflation rate continues to grow.  This is partly due to the service industry. Household expenditure increased 0.6%, according to research. The service industries fed the UK’s [...]

Anyone trying to make sense of the current economic climate is being pulled in different directions by conflicting reports released by two camps:  estate agents are positive that the housing market will continue to grow and that the economy is strong; economists are worried that interest rates will increase bankruptcy, cooling the market. The housing [...]

Nationwide, the UK’s largest building society, has posted a 92.7% increase in annual mortgage lending to £10.6bn, but admitted that the interest rate hike decreased their numbers. They claim that the four interest rate increases cooled the housing market, a trend that will increase in the second half of 2007. Nationwide, plans to merge with [...]