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Energy firms `not refunding overpayments automatically` Average household £7 a week richer but debt levels remain high Consumers `cutting back on credit card debt` Mortgage debt often greater than house value Household energy bills `could top £4,700 a year by 2020` Many over 50s `facing financial difficulties` CML lowers repossession prediction Higher electricity prices will pay for carbon capture Unemployment set to rise Inflation speculation `greatly exaggerated` Unemployment reaches 12-year high UK recovery `to start in 2010` People `may be risking finances due to lack of pension savings` Economy `may be bottoming out` Fuel poverty still putting billpayers at risk of debt More than 20% using savings to `pay down` debt Housing market - buyer interest is up ISA rate cuts could raise debt risk Online retail sales to grow Consumers take up gardening to avoid debt

Debt Advisers Direct comment on BoE Financial Stability Report

12/05/2008

Commenting on the Bank of England’s Financial Stability Report, Melanie Taylor of Debt Advisers Direct said: “The experts seem divided on whether or not we’re past the worst of the credit crunch, and the BoE’s Report reads as a warning not to talk ourselves into an avoidable recession.”

“Despite the complex language, it’s a simple message to lenders: you were too eager to lend money, but now you’re being too cautious, and neither extreme is healthy, as a healthy economy depends on consumers and businesses having access to a reasonable level of credit. Far from denying there are still problems ahead, the BoE is simply stating that too much pessimism will discourage the risk-taking and confidence that lead to recovery.”

“In figures, the BoE thinks that future losses from sub-prime investments will be about half as much as the market currently believes. And its offer to exchange mortgage debts for government bonds shows it’s confident about this assessment – the BoE is ‘putting its money where its mouth is’.”

Energy firms `not refunding overpayments automatically` 01/07/2009 - A new report by consumer group Which? has claimed that Average household £7 a week richer but debt levels remain high 01/07/2009 - During May, a typical household had £164 a week left Consumers `cutting back on credit card debt` 01/07/2009 - Many UK consumers are cutting back on the amount of Mortgage debt often greater than house value 01/07/2009 - According to the latest findings from global rating agency Fitch,