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12/11/2001
New campaign aims to educate about debt
A new campaign has been launched to urge consumers not to borrow more than they can reasonably repay.
The Office of Fair Trading is responding to fears that the current economic climate of low interest rates could see consumers embarking on spending sprees and amounting unmanageable levels of debt.
Recent figures released by the Bank of England reveals that UK consumer debt is standing at over £700 million – and looks set to increase. The average UK household is thought to owe around £5,300 with young women in particular rapidly accruing high levels of personal debt.
The Office of Fair Trading has joined forces with the Trading Standards Institute to launch the new campaign - entitled “Keeping Debt Under Control” – which aims to educate people about the need to shop around for the best credit deal, rather than accepting the first offer they find. Interest rates can vary widely between different institutions and organisations, and if an individual’s economic circumstances suddenly change – due to illness, redundancy or divorce – they can find it increasingly difficult to keep up with repayments.
Director General of the Office of Fair Trading, John Vickers, commented: "By shopping around and taking time to think through the consequences of entering into a credit agreement, you can help to avoid debt problems occurring in the first place.
"Once in it, escaping the vicious cycle of debt can be daunting. So it is important to seek good, impartial advice at an early stage if debt problems arise." (CL)
The Office of Fair Trading is responding to fears that the current economic climate of low interest rates could see consumers embarking on spending sprees and amounting unmanageable levels of debt.
Recent figures released by the Bank of England reveals that UK consumer debt is standing at over £700 million – and looks set to increase. The average UK household is thought to owe around £5,300 with young women in particular rapidly accruing high levels of personal debt.
The Office of Fair Trading has joined forces with the Trading Standards Institute to launch the new campaign - entitled “Keeping Debt Under Control” – which aims to educate people about the need to shop around for the best credit deal, rather than accepting the first offer they find. Interest rates can vary widely between different institutions and organisations, and if an individual’s economic circumstances suddenly change – due to illness, redundancy or divorce – they can find it increasingly difficult to keep up with repayments.
Director General of the Office of Fair Trading, John Vickers, commented: "By shopping around and taking time to think through the consequences of entering into a credit agreement, you can help to avoid debt problems occurring in the first place.
"Once in it, escaping the vicious cycle of debt can be daunting. So it is important to seek good, impartial advice at an early stage if debt problems arise." (CL)
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17 July 2006
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Citizens Advice to provide debt guidance
Citizens Advice in Northern Ireland has been awarded a debt advice contract by the government. Minister Maria Eagle said: "Debt in Northern Ireland is having an adverse economic, social and personal impact on the lives of many people here. This new debt advice contract will help clients to regain control of their financial affairs.
04 August 2004
CAB predicts major debt payment crisis in NI
With the Bank of England poised to raise interest rates tomorrow and court action on mortgage defaults in Northern Ireland up 32% on this time last year, the Citizens Advice Bureau (CAB) has predicted a major debt payment crisis in the province in the coming months.
CAB predicts major debt payment crisis in NI
With the Bank of England poised to raise interest rates tomorrow and court action on mortgage defaults in Northern Ireland up 32% on this time last year, the Citizens Advice Bureau (CAB) has predicted a major debt payment crisis in the province in the coming months.
28 February 2002
Ulster Bank profits boost in 2001
The Ulster Bank has reported profits of £242m for 2001. The figure is an increase of 21 per cent on the previous year, while net interest income rose by 19 per cent to £351m due to strong growth in customer loans and deposits. Advances were up by just under 25 per cent while deposits grew 11 per cent to £7.3bn.
Ulster Bank profits boost in 2001
The Ulster Bank has reported profits of £242m for 2001. The figure is an increase of 21 per cent on the previous year, while net interest income rose by 19 per cent to £351m due to strong growth in customer loans and deposits. Advances were up by just under 25 per cent while deposits grew 11 per cent to £7.3bn.
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