Help My Debt

Sport Media Group, the company behind the Sunday Sport and Daily Sport newspapers, has revealed bumper profits of £6m.

The pre-tax total was announced following some significant editorial and management changes.

The company appointed Murray Morse to be the editor-in-chief of Sport Newspapers in July, and in June chairman Simon Hume-Kendall said he would be stepping down from his position.

“Encouraging responses” were being seen to the changes implemented by Mr Morse, the firm said.

It was also announced David Bailey, who joined the board in March, will become chairman with immediate effect.

Mr Hume-Kendall will remain a non-executive director, and the board said in a statement it wanted to express thanks for his leadership, saying it was “very pleased” that he would remain involved.

More news on the firm’s progress is expected to be revealed when annual results are published in November.

Officials also said they were optimistic for the Group’s prospects for the coming year despite well-publicised issues surrounding national daily newspapers.

The company also publishes digital content for internet and mobile channels, and announced the acquisition of Flip Media Ltd in June of this year.

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Consumers are set to turn away from ‘mid-level’ mobile phones as more advanced devices become more popular, according to experts.

According to ABI research, 441 million mid-market devices will be sold in 2013, compared to 854 million last year.

The firm says such phones are classed as ‘enhanced’ because they offer more than just voice phone calls but not the technology of smartphones.

ABI director of mobile devices Kevin Burden said: "The mid-tier phones, which are the largest [segment] now, will be squeezed over next five to six years."

Mid-level phones made up 74 per cent of the market last year, while low-end phones represented 16 per cent and smartphones took 10 per cent.

By 2013, ABI says mid-tier phones will have crashed to 23 per cent, with low-end phones reaching 46 per cent and smartphones climbing to 31 per cent.

The appeal of mid-level devices is expected to drop because most of them run ‘closed’ software, which does not allow for application add-ons.

More advanced gadgets such as smartphones use ‘open’ technology, allowing users to download and use independently-developed applications such as email software and RSS readers.

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The Citizens Advice bureau is advising people to plan ahead for holiday shopping in order to minimise higher than usual expected debt due to high interest rates, slow wage growth and rising prices.   

Last year, the most common Citizens Advice enquiries were about arrears on loans and hire purchase, catalogue and mail order debts, credit card debts and overdrafts.

As director of policy at Citizens Advice, Teresa Perchard appreciates the growing debt problem better than most.

“It is very easy to get carried away at Christmas and spend on the spur of the moment, especially if people leave it until the last minute. But every year, we see a huge increase in debt problems immediately afterwards.

“With a little forward planning, Christmas panic buying can be avoided. We hope that these top tips will help people take control of their money as Christmas approaches so they do not start the new year with a debt hangover.” 

Citizens Advice, in conjunction with Barclaycard, has released a set of tips reminding people to be smart with their money this festive season: 

Plan early for Christmas

Be realistic and budget. Work out how much you can spend on each person – and stick to it. 

Do not forget everyday bills

Remember rent, mortgage, utility bills, food bills, council tax and other existing debts must still be paid. The consequences of missing these bills can be severe. 

Do not bank on an overdraft

Do not run up an overdraft without talking to your bank first. Unauthorised overdrafts are an expensive way of borrowing. 

Avoid shop credit offers

Avoid extended credit agreements, such as ‘buy now, pay 2009′ unless they really do work out cheaper. Aim to pay outright for goods by cash, cheque, or debit card. 

Read the small print of any credit offer to make sure monthly installments are within your budget before you sign. 

“Interest-free credit can seem attractive, but if you don’t pay on time, or miss a payment, you might have to pay a lot more,” Citizens Advice warns.

Shop around

Price comparison websites make it easier than ever to find the best prices for goods. With shops expected to slash prices this Christmas, shopping around could really cut costs. 

Consider extended warranties

The cost of a repair could be less than the cost of the warranty. Don’t forget you have the right to reject goods that are faulty. 

With a little forward planning, the new year won’t seem so daunting.

Customer confidence has suffered a blow as a result of the US sub-prime mortgage collapse this summer, which triggered a global financial crisis.

According to research done by debt consultancy firm Thomas Charles in conjunction with polling company YouGov, Britons intend to restrict credit card use this holiday season. 

James Falla, Director of Thomas Charles, praised the public for its willingness to plan ahead: “The research that has been done clearly shows that people are thinking about how much they are spending and they are thinking about spending within their budget.”

However, he also expressed some concern as to the average consumer’s ability to rein in overspending during what is usually the busiest shopping period of the year. 

“I think that around this time of year it’s easy to almost make a resolution to do something, but it’s a very difficult time of year to do it - particularly when the natural instinct is to go out and spend more,” he said. 

Further research by the consultancy firm suggests that 15% of Britons own significant debt of over £10,000, with men found to be in higher debt overall than women.