Personal Finance and Money Management

Homeowners struggling to prevent foreclosure oftentimes have to make difficult and almost impossible financial decisions at times. When unemployment strikes and benefits are just a fraction of the working gains, bill juggling is common.

When it is necessary to cut back on expenses some bills can be eliminated or reduced. But there are also expenses that are necessary in order to live a decent life. They include the mortgage payment, food expenses, and utilities charges. Middle and low income families are forced to decide which bills will be paid on a reduced income. In many cases, the bills are rotated with a bill being paid every other month.

Unfortunately there are many situations coming to light where bills are not paid at all, and they include utilities bills.

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Figures released by the Bank of England (BoE) have shown that in November, consumers repaid 376m of unsecured debt – 215m smaller quantity than the total repaid in October, but almost double the six-month average, the Guardian reports.

Meanwhile, the Building Societies Association (BSA) said that its members had seen the excellence of savings accounts fall by 600m in November – suggesting that some of the money being used to repay unsecured debts is coming from savings accounts.

Chief UK and Eurozone Economist and Managing Director of Western European Forecasting and Analysis at IHS Global Insight, Howard Archer, said: “The fifth successive net repayment in consumer credit in November is clearly the consequence of many consumers` desire to reduce their debt, low demand for credit, and a lack of availability of unsecured credit from banks.

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We have all read the vendue pitches or seen them on television. These are the pitches that talk around assets like government seized properties or foreclosed homes. According to the pitch, all you have to do is buy a price guide to find millions of dollars worth of items the government or auto dealers are practically giving away. It’s your chance to find a true bargain.

What a deal! Or is it?

The Federal Trade Commission warns consumers that many of these auctions are more like scams. At the least, the pitch fails to give every one of the information the consumer needs to make a good decision about getting involved in what the company is offering. T

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According to the Bank of England, a quarter of UK homeowners are at least 200 a month better done than this time a year ago, the Telegraph reports.

A survey of 2,000 households found that almost half of all people who make payments towards a mortgage debt have seen their monthly payments fall by more than 100 over the last year, with around a quarter seeing more than 200 knocked off their payments.

The Bank believes the `cushion on these terms for homeowners against the effects of recession, rising unemployment and the fall in house prices` has helped some householders cope with their debt problems.

However, the Bank `does not minimise` the damage caused by the recession and the credit crisis.

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