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Credit card debt & payment hierarchies

Until recently, the phrase `payment hierarchy` was one that not many consumers had even heard.

Now, however, it has made the news, as credit card providers have agreed to change the way they use a borrower`s payments to clear the debts on a credit card. At the end of the year, they`ll start using payments to clear the most expensive debt on a card first, rather than last. This is what is known as a `positive payment hierarchy` - something which some credit card providers are already doing.

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Unsecured debt dropped in April

The latest figures from the Bank of England have revealed that UK residents ended April carrying £136m less unsecured debt than they had at the start of the month.

According to the `Lending to individuals` report, net credit card lending actually increased by £168m, but `other loans and advances` fell by £303m as people repaid their debt more rapidly than they took on new debt.

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Insolvencies fall in Scotland

The number of individual insolvencies in Scotland actually came down in the first three months of the year, according to recent figures from the Insolvency Service.

In Scotland, 5,175 people were declared insolvent in the first quarter of 2010. This was a decrease of around 10% on the figure from the previous quarter (and on the figure from the first quarter of 2009 as well).

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