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Rising household costs could pressure people in debt

August 6, 2010 – 8:48 pm

The UK may be about to see a rise in food price inflation that could put extra pressure on already-stretched household finances, The Independent reports.

Kantar Worldpanel, a market research firm, has forecast a rise from 2% to 4% in grocery-price inflation by the end of the year.

The firm attributes this to growing wholesale prices of things like wheat and barley around the world.

The forecast comes at the same time as similar reports suggesting petrol and clothing prices could rise in the near future, while house prices have started to fall once again. Read full article…

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Student Loan Debt Reduction

August 4, 2010 – 2:43 am

Student loan debt reduction primarily recognizes a student borrowers’ lack of ability to put down a full payment on their outstanding student loans or borrowings. Those students who have completely exhausted their interest relief under the program for Interest Relief may qualify for debt relief. Also those students who have been out of post-secondary studies for at least five years can qualify for a student loan debt reduction. This helps these students to thereby reduce the loan principal to a level that is slightly more affordable.

If the case is such that annual payments, on an average, are exceeding fifteen percent of the income of a family, then the principal amount of the student loan can be reduced. T

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Pensions debt may impact workers` retirement funds

August 2, 2010 – 3:33 pm

According to a report by actuaries LCP, an entire generation of workers may be left with little money to retire on because companies haven`t reduced their pension debts, lv.com reports.

17.5bn was paid into employee pension pots by large firms during 2009 – which helped slash the top 100 firms` overall pension debt by around 50%, to 51bn.

However, as the Accounting for Pensions report points out, the increase in bosses` contributions could put the brakes on any recovery from the recession and might `discourage investors`.

Bob Scott, LCP partner, said that the growing number of cheaper pension schemes being taken on by companies – which have closed down final salary pension schemes – don`t take into account the fact that many workers will be left with very little to retire on. Read full article…

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Debt Counseling-Can it Help You in Solving Your Financial Concerns?

August 2, 2010 – 12:28 pm

A lot of people are dealing with financial crisis and if you happen to be one of them; do not be ashamed to face your problem. You are not alone and your case is not always isolated. You can go for debt counseling if you are finding it hard to deal with your problem alone. Debt counselors can facilitate you in settling your debts and in making workable arrangements with your creditors. The heavy load can be lifted from your shoulders through debt counseling since there is no denying the fact that when you are in a state of financial crisis; everything seems to fall apart – your relationships, career, health and your disposition. O

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