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A round-up of this week's money and personal finance news

In the news - This week’s top money stories

This week we’ve all been basking in the summer sunshine and post-Olympic glory, but it’s also been a busy week in the world of personal finance. So take a minute to catch up on this week’s top money news.

1. Many struggling with debt

A troubling 3.2 million households struggle with problem debt, according to a study by the Trades Union Congress. A further 1.6m live with extreme debt, meaning they owe 40% or more of their household income to creditors.

2. Renters at risk

Most of Britain's 7.7 million renters are at risk of losing their homes if their income fell, according to insurer Royal London. Around 5.5m people would be ineligible for Housing Benefit or Local Housing Allowance if they lost their job.

3. Pricey compensation

Ever tried to claim compensation for a late flight or lost luggage? Well in the future even this will cost you. Many airlines are to start charging £25 to make a complaint. The good news is you will get this money back if your claim is successful.

4. Home is where the heart is

Instead of jetting off overseas, Brits are preferring to stay on these shores, according to research by Barclays. Around 70% of UK adults have been on or are planning a staycation, with London, the South East and the North West the most popular destinations. 

5. Tax warnings over unlocked pensions

Want to unlock money in your pension? Well be careful you don’t get hit with an unexpected tax bill. Around 9% of people looking to access their pension pots discovered they owed money to the tax man, according to a study by Citizens Advice. 

6. The true cost of uni

Beware if you are heading off to uni this September. You could end up having to pay back £100,000! Research by training company The Knowledge Academy also found 64% of graduates are working in jobs unrelated to their degree.

And finally…

Contactless cards have already hit a major milestone. Payments in the first half of 2016 have already beaten those for the whole of 2015, according to the UK Cards Association. In the first six months of this year there were 1.1 billion transactions, worth £9.7 billion.

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