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January 2018 striking numbers - our top 10 from The Money Charity

  1. £70bn is the total amount credit card debt in November 2017
  2. On average, a UK household spends £3.27 a day on water, electricity and gas
  3. 21 properties are repossessed every day, or one every 1 hour and 9 minutes
  4. It costs an average of £30.23 per day to raise a child from birth to the age of 21

    Read more: UK Consumer Debt Numbers January 2018 - Our top 10

     

New research from Institute for Fiscal Studies (IFS) reveals that a third of the lowest income households have unsecured debts (credit/store cards and loans) greater than their assets.

The IFS said that household unsecured debt has been rising by 10% a year with a quarter of very low income households unable to meet their current bills and debt payments.

Read more: Poorer families have more problem paying debts, says the IFS

 

Mike Thomas, founder of DebtWizard, was in the studio at 4.30pm with Eddie Nestor discussing ways listeners can get help to overcome unmanageable debt issues. Ed opens the show asking Mike if mental health and debt are connected. Mike then explains the four main triggers that put people into debt and reveals how much consumers actually pay back when making just minimum payments on a credit card debt of £3,000, the final amount is startling. Then it's the importance of budgeting and how many people who simply don't budget on their spending. Ed wanted to know the pros and cons of going bankrupt and asks Mike if going bankrupt was a bad thing. 

How to listen

Read more: BBC Radio London - Drivetime with Eddie Nestor 4pm 3/1/18

 

Mike & Clive in the LBC studio

Below is the free podcast from Mike's appearance on LBC's Money Hour on Monday, 1 January 2018 with Clive Bull. It's free to listen to.

On this show, Mike talks to Clive about the latest news affecting consumers with debt issues, takes calls, texts and emails from listeners around the country. Below is a list of the topics and timeline of the audio to make it easier to access certain parts of the show. Just click below to start listening.

Topics

Read more: Free podcast now available - LBC with Clive Bull Monday 9-10pm 1 January 2018

 

Mike was commenting on how and why consumers rack up Christmas debt following new research which suggests the average consumer will spend £564 and can take up to five months to clear the debt. Mike also highlights the dangers of making minimum payments on a credit card and sign posts where to get free debt help and advice with NO fees.

How to listen

Sorry, no longer available on the BBCiPlayer

Read more: BBC Three Counties Radio - Breakfast with Andy Collins 11/12/17

 

Increases in credit card limits are being given away too freely says the Citizens Advice after their research suggests 6 million people have had their credit limit increased in the last year, this without their consent – and a third of those who showed signs of struggling financially were given a rise.

Read more: 6M Credit card holders had their limits increased last year says Citizens Advice

 

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