In the media, Research

Over 40% of people in Bulgaria live in deprivation

No Comments 13 March 2013

The risk levels of poverty increased by 0.5 percentage points for the EU as a whole.

Low incomes doom to impoverishment average 17% of the population of the EU, shows the analysis of “Eurostat” on the risk indicators of poverty and social exclusion among the EU-27.

The level of risk of poverty increased by 0.5 percentage points for the EU as a whole in 2011 compared to 2010, reported European statistics.

Among the countries with the highest risk of poverty are Bulgaria and Romania – 22%, Spain – 21.8%, Greece – 21.4%, Lithuania – 20%, Latvia – 19% and more. The lowest risk of poverty is reported in the Czech Republic – 9.8%, Netherlands – 11%, Austria – 12.6%, Denmark and Slovakia – 13%.

Another aspect of the analysis found that nearly 9% of the EU population lives in material deprivation. Here are included people who cannot pay their utility bills or the mortgage and loan they took, cannot afford a one week holiday away from home, unable to eat every second day meat, chicken or fish; cannot afford unexpected financial expenses, cannot afford a car, TV or phone, cannot be adequately heated.

According to this indicator, at least people are affected in Luxembourg and Sweden (1.2%), Netherlands (2.5%) and Denmark (2.6%). At the bottom of a material deprivation are people in Bulgaria – more than 40%, Latvia – 30%, Romania and Hungary – more than 20% and more.

Nearly 37% of EU citizens could not afford unexpected financial costs, this indicator measures the ability of a household to cover unforeseen expenses in the amount of 1/12 of the amount received for the poverty threshold.

In Bulgaria and Lithuania 60% of the people cannot afford unexpected expenses.

At the bottom are citizens of Latvia and Hungary – 80 % of them are unprepared for unexpected financial costs.

Borrowing money, In the media, Research

The latest on UK pay day loans

1 Comment 13 November 2012

There has been an very important and relevant debt-related report hitting the news here today in the UK with TV and other media picking up the story. Published by the influential and highly respected R3 trade body.

R3’s ninth Personal Debt Snapshot reveals that more than 5 million (5,205,237) GB adults say they are considering taking a payday loan in the next six months. This equates to approximately a 50% increase to this time last year, when it was around 3.5 million individuals. These loans are most likely to appeal to the younger demographic, with more than one in four (26%) of 18-24 year olds likely to seek a payday loan in the next six months.

Access the full pdf here

About R3
R3, the trade body for insolvency professionals, represents over 97% of Insolvency Practitioners. Members are trained and regulated accountants and lawyers who have extensive experience of helping businesses and individuals in financial distress.

In the media, Research

Italian debt and the causes of the economic crisis

1 Comment 06 November 2012

This post from our Italian partners provides information on recent studies and forecasts relating to the Italian economic situation and the country’s attempts to move out of recession.

Click here to view the full article.

 

 

Borrowing money, In the media, Research

Alarming Debt facts from the Czech Republic!

2 Comments 23 October 2012

On 15th October, Czech Television posted a TV report about debts in Czech Republic. The facts were alarming! Over 20 000 families are not able to repay their long term debts. Main problem are mortgages. People are taking them to buy a house or flat but after few years they might lose their job. Without any monetary reserves they take another loan to pay the mortgage but these loans have extremely high interests. So instead of solving problem, these loans are making another, maybe even bigger.

 

In the last decade the number of taken mortgages has radically increased. Until 2002 there were 51 billion CZK in mortgages in total but until 2012 there were 660 billions!

In August 2011 Czech Statistical Office said that Czech house holding debts are around 1,096 trillion CZK and in 2012 that debt increased to 1,14 trillion! That is plus 44 billion. That is really enormous number when the planned budget deficit for entire Czech Republic is 105 billion.

Many people with these problems are ashamedof their situation, so they are not telling anyone and they are not dealing with their problem, that´s a big mistake! Financial experts say that contacting your mortgage lender is the first step you should do, and as soon as possible. Then contact all the other lenders. Your mortgage lender should be informed immediately; because you need to change your payment schedules or you will lose your property.

There also exist different types of insurances for these cases, when your insurance company will pay instead of you for different period of time depending on specific insurance type.

Whole report can be found here.

Move the slider to 32:45 mins to view the relevant section.

In the media, Research

Latest debt statistics published in the UK

1 Comment 16 April 2012

Credit Action has published its latest April 2012 statistics in the UK showing that debt remains an ongoing problem for many individuals and households.

UK Personal Debt

  • Outstanding personal debt stood at £1.457 trillion at the end of February 2012.
  • This is up from £1.452 trillion at the end of February 2011. Individuals owed nearly as much as the entire country produced during the whole of 2011.
  • Outstanding secured (mortgage) lending stood at £1.249 trillion at the end of February 2012. This is up from £1.241 trillion at the end of February 2011.
  • Outstanding unsecured (consumer credit) lending stood at £208 billion at the end of February 2012. This is down from £212 billion at the end of February 2011.
  • Average household debt in the UK (excluding mortgages) was £8,002 in February. This is down from a revised £8,005 in January.
  • Average household debt in the UK (including mortgages) was £56,058 in February. This is up from a revised £56,016 in January.
  • The average amount owed per UK adult (including mortgages) was £29,671 in February. This was around 123% of average earnings.

Every Day in the UK

  • 318 people are declared insolvent or bankrupt every day (based on Q4 2011 trends). This is equivalent to 1 person every 62 seconds during each working day.
  • 1,473 Consumer County Court Judgements (CCJs) are issued every day (based on Q4 2011 trends). The average value of a Consumer CCJ in Q4 2011 was £2,949
  • Citizens Advice Bureaux in England and Wales dealt with 8,518 new debt problems every working day during the year ending December 2011.
  • It costs an average of £28.44 per day to raise a child from birth to the age of 21.
  • 93 properties are repossessed every day (based on Q4 2011 trends).
  • 30 new people a day became unemployed for over 12 months during the year ending January 2012.

 


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