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Latest news from the British financial media, regular updates & articles from across the UK.

Britons get into debt to fund summer holidays

A recent Debt Angel survey found that people with debt problems prefer to get free debt advice before making a decision on what to do. It also indicated that more and more people are choosing debt management as a smart solution to their debt problems.

Million of Britons head into debt to fund their summer holidays ,By Tim Clark It's a precious part of family life and, according to a new survey, millions of Britons are prepared to get into debt to preserve their annual holiday. According to research published by insolvency trade body R3, up to two million people are borrowing up to £1,000 each to head away each summer and take months to pay it back. The study found that people in Scotland were the most likely to borrow, with 12 per cent saying they would get in to debt to fund their holiday, while 10 per cent of Londoners would also borrow money to escape abroad. Paradise at what price? Holidaymakers are getting into debt to fund their holidays Younger people were found to be more comfortable with taking out a loan to cover their travel costs compared to older people. The research found that 2,329,500 people had borrowed approximately £1,300 each to fund their summer trips – with most people taking an average of seven months to pay off the debt. More...Britain is 'wet and foggy' but we're still happy to visit, say foreign tourists Apple aims for big bite of holiday industry with two new travel apps Ryanair forces musicians to buy extra seats...for their VIOLINS R3 vice-president Frances Coulson said: 'That people are prepared to take on a substantial amount of debt for such a long period of time in order to afford a holiday is worrying, especially as these are still economically uncertain times. 'Personal insolvency hit record levels in the first quarter of this year and looks set to rise - so we’re urging people not to spend more than they earn.'

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Bank of England Interest rates

The Bank of England is set to hold interest rates at a record low today as it meets against the backdrop of shaky business confidence, looming public sector cuts and falling consumer confidence. Economists expect the two-day policy meeting at Threadneedle Street to conclude with rates left at 0.5% when the decision is announced at noon today. Borrowing costs have been left there since the depths of the recession in March 2009 and most forecasters see little chance they will rise before the end of the year. Business groups are urging the Bank to stand pat in order to help the private sector pick up the slack as the public sector sheds jobs and cuts spending. "The government's tough deficit-reduction programme will inevitably hit the cash flow positions of many companies, and any early tightening in monetary policy would increase the pressures on businesses," said David Kern, chief economist at the British Chambers of Commerce.

Debt Information & Stats

Personal debt in the United Kingdom now stands at a staggering £1.444 billion as of June 2010. This is an increase of over 7% during the previous 12 months represents an average household debt of £9,309, excluding mortgages. Total secured borrowing against property is £1.212 billion, again an increase of over 7% to in the last 12 months. There is no doubt that debt is rising and the average household now has to cope with approximately £3,800 of interest payments alone each year. As a UK consumer who may have debt problems contatc debt angel today for free debt advice, you dont have to commit to anything as our debt advice service is free.

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