Financial website Unbiased.co.uk announced this week that as a nation we spent the first 83 days of the year working just to pay the interest on our debts. Personal loan levels increased to 11.4 billion pounds in 2008, up by over 1.6 billion pounds on the previous year and mortgage debt from equity release loans also increased by 6.5 billion pounds. Credit card debt, on the other hand, decreased by just over 4.9 billion pounds.
With ISA season coming to an end in less than a month, investors need to act sooner rather than later to make the most of the tax-free benefits on offer. You can not carry your annual allowance of 7,200 pounds into the next tax year, so it is a simple case of ‘use it or lose it’.
Few people are more on the pensions money than Scottish Life’s Steve Bee. And he has some strong views in his latest “BeeHive” post following publication of our exclusive story on the soaring costs of setting up “personal accounts” — the government’s brainchild aimed at solving a looming pensions crisis.