Tag Archives: debt

Can you talk about debt with your partner?

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Did you know that money worries are one of the biggest causes of stress in a relationship? One plus One has released a series of videos that look at real couples’ stories about being in debt, how it affects relationships and how they got back on track.

One plus One is a charity dedicated to helping people build stronger relationships. They’ve recently been exploring the different reasons couples might get in debt, as well as the stresses that they experienced including working longer hours, spending less, and not being able to socialise.

  • During their research they discovered that:
  • 55% of couples include money worries in top three relationship strains
  • Getting just three months behind on your bills can have a negative impact on your family life
  • Debt is the number one problem area for newly married couples

Have you experienced relationship problems as a result of money worries? Do any of these situations feel familiar to you?

Losing a job – ‘The breadwinner’

Having a baby – ‘The pay cut’

Borrowing too much – ‘The rollercoaster’

Having more fun than you can afford – ‘The tycoon’

What can we learn from the stories?

  • Don’t hide money problems from your partner – it can be damaging to your relationship
  • Learn some budgeting skills together. Read our guide to making a budget
  • Try to share the responsibility of budgeting, working together to manage your money
  • Take time to talk about money worries and try to avoid blaming one another
  • Consider getting debt advice if your debts are making it difficult to pay your bills

You can read more about One plus One’s research and the #talkmoneysecrets campaign over on their website.

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How to start an emergency fund

posted by in Budgeting 2 Comments

So you’ve made the usual New Year’s resolutions. You’ve resolved to go on a diet, take more exercise, take up a new hobby and stop drinking.

There’s a lot of pressure that comes along with keeping a resolution. One minor slip-up, and it can feel like it’s all come crashing down and there’s no point in persevering with it. There is, however, one resolution that you should make and keep this year: start an emergency fund.

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Debt statistics 2015: what we know about personal debt in the UK

posted by in Debt news 2 Comments

Today we released our Statistics Yearbook 2015, which is full of information about personal debt in the UK.

How much do people owe on average? What types of debt do they have? Are there some people who are more at risk of debt than others?

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Rent-to-own stores “rip people off” say MPs. We highlight the alternatives

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Rent-to-own

Rent to own now, keep paying much, much later?

Have you ever bought a TV from BrightHouse or a sofa from PerfectHome? Then you might be interested by news that MPs have called for a crackdown on these kinds of stores. This comes after feedback you provided to us last year.

A cross-party group of MPs says the regulator, the Financial Conduct Authority (FCA), needs to take urgent action to stop people from being “ripped off”.

Firms like BrightHouse charge APRs of 94.7% and make customers fork out for expensive cover that can treble the price of household goods.

For example, a washing machine sold for £295 at Co-Op Electricals will cost a whopping £1,092 at BrightHouse once insurance and interest payments are added in.

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The new payday loan rules: what are they?

posted by in Budgeting, Debt news 7 Comments

Payday loans neon sign

Payday loans are still very expensive

Today the new payday loan rules, introduced by the Financial Conduct Association (FCA), come into place. While it may seem like an odd thing to celebrate, we’re rather happy about it as finally we can say good riddance to bad practice.

The past few years have seen loan shops popping up on the high street and some lenders using adverts with friendly characters and catchy jingles to encourage people into taking them out. Payday loans quickly became the ‘norm’ and many used them to get a quick fix of cash. Unfortunately, things could spiral out of control pretty quickly if you were late on repayments, with interest and late fees adding up, sometimes leaving you in a worse situation than when you started.

Recognising cases of irresponsible lending and debt inflation in the market, the FCA has introduced new rules to come into place from today. Hopefully these will help to keep the payday loan industry under control and clamp down on unfair lending.

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8 ways to save money in your extra hour

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Save money with your extra hour

Save money with your extra hour!

So the clocks are going back this weekend. Cue obligatory panic about whether that means we’ll get an hour less in bed or not! Thankfully, this Sunday you’ll have a whole extra hour in your day. Or your Saturday night, if you’re the energetic type.

Rather than getting 60 minutes more sleep, here are eight ways you could use your extra hour to boost your bank balance this weekend!

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Have you bought anything from a rent-to-own store?

posted by in Budgeting Leave a comment

Rent-to-own

Take part in our rent-to-own survey

We all know that sinking feeling that comes when the fridge-freezer stops working, the washing machine suddenly springs a leak or the mattress starts to sag so much that you can feel the bedsprings.

It can be hard to find the money to replace large household items, particularly if it’s an expense you weren’t planning for.

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