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PRESS RELEASE
Immediate Release CONQUER YOUR CREDIT-CARD DEBT WITH £2,500 FROM THE MOTLEY FOOL This week's Bank of England figures on consumer debt show British consumers continuing to borrow madly, rather than face cutting back on their spending. Our £714 billion of mortgage debt works out at a record £62,000 per home loan. Furthermore, our £164 billion of other debt (loans, cards and overdrafts) comes to a painful £7,500 per household when shared among the UK's 21.7 million homes. Also, personal bankruptcies recently hit a ten-year high, reaching 8,662 in the second quarter of 2003, which suggests that far too many consumers are out of their depth with debt. However, multi-award-winning personal finance website The Motley Fool has some good news for over-spenders. The lucky winner of the credit card competition being promoted at www.fool.co.uk will win £2,500 to help strengthen his/her finances and tackle debts. Furthermore, Bruce Jackson, Managing Director and co-founder of The Motley Fool UK, declares that everyone will benefit from visiting the site. Bruce remarks, "To celebrate the tenth anniversary of the launch of our US site, one lucky individual will win £2,500 towards his or her credit card bill, which could be a lifesaver to someone struggling with problem debts. Also, everyone entering our competition will be invited to apply for one of several credit cards offering 0% interest on balance transfers for up to six months. These deals give borrowers a well-deserved breather, allowing them to make inroads into expensive debts without the burden of paying interest over the introductory period." Bruce goes on to say, "The really good news is we're certain that everyone visiting www.fool.co.uk can save money and give their finances a boost. By following our tips on spending and budgeting, borrowing and saving, buying insurance and investing, we reckon that someone earning the average wage of £25,000 could benefit to the tune of over £2,500 every year." For the first two weeks of August, "£2,500 off your credit card?" promotional posters can be seen on ten of the biggest (40ft wide x 10ft high) and most popular billboards across London. Spirit Advertising designed the posters, and the billboard sites are part of the Van Wagner estate. - ends - Contact Information NOTES TO EDITORS About The Motley Fool The Motley Fool's mission is to tell people the truth about finance, helping them to take control of their money and make better financial decisions. Launched in 1997 and still one of the UK's most popular personal finance websites, www.fool.co.uk had almost 18 million page views during July 2003, and has more than 200,000 visitors every month. The site has won numerous awards, including: The Motley Fool has published a dozen books in the UK. Its best-selling UK Investment Guide has sold over 200,000 copies and was recently published in its third edition.
Tuesday, 5 August 2003
Bruce Jackson, Managing Director, The Motley Fool UK
E-mail: BruceJ@Fool.co.uk
Phone: (020) 7663 3665
Fax: (020) 7663 3700