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News Tag: consumer credit

October 29, 2012

Mortgage approvals increased in September

by Jan Harris
Mortgage approvals up in September
An increase in the number of mortgage approvals in September suggests that the ‘Funding for Lending’ scheme, launched by the Treasury and the Bank of England, may be starting to give the property market a boost. According to Bank of England figures, the number of loans approved for house purchase increased by 2,103 to 50,024 last month, while the number of loans approved ...




September 3, 2012

Excessive credit card charges could end by January

by Jan Harris
Excessive credit card charges could end by January
The government is to go ahead with new rules to prevent retailers imposing excessive or surprise charges on debit or credit card payments. The changes, which were recommended by the Office of Fair Trading in 2011 following a super-complaint from consumer group Which?, could be introduced by January 2013. Retailers, including airlines, will have to clearly display information about surcharges ...




May 11, 2012

Sainsbury’s promises to offer cheapest loans

by Jan Harris
Sainsbury's promises to offer cheapest loans
Supermarket retailer Sainsbury’s is leading the market at the moment with a 5.9 per cent loan rate, and it has also launched a Price Promise Guarantee. The 5.9 per cent rate is available on a £7,500 loan with a three-year term, while the same loan over five years would be available at 6.1 per cent. Under the retailer’s Price Promise Guarantee, if ...




March 23, 2012

Consumers holding back on borrowing

by Jan Harris
Consumers holding back on borrowing
Personal loan, credit card and overdraft borrowing is being repaid at the highest rate since January 2011. The British Bankers’ Association (BBA) reported net consumer credit repayments of £305 million in February. Consumers borrowed £7 billion on credit cards but £7.3 billion was repaid. The ongoing squeeze on household incomes is making consumers more careful with their spending with a net repayment in ...




February 6, 2012

Younger generation shunning credit cards

by Jan Harris
Credit card usage falls
Consumers are shunning credit cards in favour of debit cards, digital payment and payday loans, according to a new report from PricewaterhouseCoopers (PwC). Although UK households paid off some unsecured debts in 2011, the average debt was around £7,900 at the end of the year. The Ernst & Young Item Club has also reported a trend for consumers to shun banks and ...




February 3, 2012

Fewer people declared bankrupt in 2011

by Jan Harris
Fewer people declared bankrupt in 2011
The number of people declared insolvent in 2011 in England and Wales declined to 119,850, the lowest level for three years and a fall of 11.3 per cent from a record high in 2010. There was a sharp decline at the end of 2011, when personal insolvencies fell by 5.6% compared with the last three months of 2010, according to the ...




November 30, 2011

Consumer credit flat – money supply falls

by Jan Harris
Consumer credit flat - money supply falls
The economic crisis is making consumers wary of taking on more debt, according to the latest figures from the Bank of England. The amount of consumer credit totalled £0.9 billion in October, the same as for the previous month, and only slightly higher than the six month average of £0.8 billion, suggesting that pressure on High Street sales will continue. ...




November 22, 2011

Government fails to tackle loan sharks

by Jan Harris
Government fails to tackle loan sharks
The Government’s failure to act against legal loan sharks yesterday has angered pressure groups. As part of its review on consumer credit, the Government announced a voluntary deal for High Street stores to stop offering discounts to tempt customers to sign up for store cards. However, it failed to cap the interest rate charged on store cards, which can be as high ...