Around 6 million people – about an eighth of the UK adult population – are currently behind on bills and other payments, according to R3. This represents an increase of 2 million on the last quarter alone, according to the report, reflecting the difficulties many people are facing as inflation...

The average pensioner with debt taking out an equity release plan on their home has debts totalling £25,418, according to research from Key Retirement Solutions. Key Retirement Solutions’ survey of more than 4,400 customers found that a third of over-65s owe money on mortgages, loans and credit cards...

The total up-front cost of petitioning for personal bankruptcy has increased to £700 – potentially leaving more people unable to afford the help they need with their debts. On 1st June, the cost of a ‘debtor’s petition’ – when an individual applies for their own bankruptcy...

A recent survey has found that motorists are paying over 20% more on average to run their car than they were a year ago, Thisismoney.co.uk reports. The survey by Sainsbury’s Finance found that the average annual running cost comes to £3,090 – 21.1% higher than it was at the beginning of April...

More than half of motorists (51%) have reduced the amount of driving they do to cut back on their costs, according to insurance company Admiral. In a survey of 2,500 drivers, carried out by YouGov, 92% said they felt “ripped off” by the current price of petrol and diesel. Furthermore, high prices...

2012 could see more repossessions than 2011, according to the Council of Mortgage Lenders (CML), as growing numbers of homeowners struggle to meet their financial commitments. In its updated mortgage and housing market forecasts, released yesterday, the CML said repossessions could rise to around 45,000 next...

Total lending to individuals rose £1.2 billion in April, compared with the previous month, according to new figures released today by the Bank of England. The rise is in line with the average increase during the previous six months, while the twelve month growth rate remained unchanged at 0.8%. The...

Around 300,000 mortgages accounting for a combined £60 billion have been switched from a standard repayment deal to an interest-only deal in the last three years, according to The Telegraph. Many of these have done so in order to reduce their outgoings in a difficult financial climate. The Telegraph says...

This week, the British Bankers’ Association (BBA) published its latest statistics, showing how individuals and businesses fared financially in April, in terms of borrowing and saving with the main high street banks. Summing up the figures, BBA statistics director David Dooks said that people and...

One in three people in the UK have experienced an increase in their personal debt levels over the last 12 months, with 10% saying their debt has increased “a lot”, research by moneysupermarket.com has found. The average amount of personal debt per person, not including mortgages, now stands at...