News Tag: credit
October 17, 2009
Potentially successful businesses are being forced into bankruptcy because they can't get access to credit, an industry expert has claimed.
Commenting on research by UHY Hacker Young and Trowers & Hamlins that found a rising number of firms facing financial difficulties, David Molian, lecturer in entrepreneurship at the Cranfield School of Management, said restrictions on lending were to blame.
"I think those businesses ...
Ongoing credit crunch forces unnecessary bankruptcies
by David Masters
July 21, 2009
In its latest "Trends in Lending" report, the Bank of England said the flow of credit to British businesses fell to £3.4 billion in May and followed a drop of £6 billion the previous month.
During 2007, the normal levels of lending were £7 billion per month and £4 billion in 2008 - when the credit crunch was well and ...
Lending to businesses falls for second consecutive month
by Kay Murchie
June 9, 2009
Consumers should carefully check credit providers' criteria before applying for a credit card or risk finding their “ credit records fouled with a litany of failed attempts to secure credit,” a price comparison site warned this week.
With a number of providers, including MBNA, Barclaycard, and RBS, now openly publishing their eligibility criteria, potential applicants have little excuse for not making ...
Reckless card applicants risk “fouled” credit record
by David Masters
May 27, 2009
Good deals on personal credit continue despite the credit crunch, research by Defaqto has discovered.
Although personal loan rates remain high, with the best interest rates available at around 8%, credit with 0% interest is available on overdrafts and credit cards.
Seven in ten (69%) credit cards offer a 0% introductory interest rate on balance transfers for an average of 9.7 months.
Virgin's ...
Credit crunch fails to dampen 0% credit
by David Masters
April 28, 2009
Lithuania, which is in the worst recession since 1993, has been hit by declining industrial output, weakening demand for exported goods, a shortage of credit and falling wages.
As a result, the country’s economy contracted by 12.6% in the first three months of the year, compared with the first three months of 2008, and is believed to be the largest contraction to ...
Lithuanian economy contracts by 12.6%
by Kay Murchie
February 5, 2009
Almost one third of UK consumers use a credit card to pay for everyday items such as groceries, a Post Office survey has revealed.
The poll showed that 10 million British adults intend to use their credit cards to cover day-to-day living expenses during the first part of this year.
Meanwhile, 2.6 million people intend to spend more on their ...
One third of consumers pay everyday expenses on credit
by David Masters
December 1, 2008
Since the tightening of lending criteria has been adopted by banks, mortgages and credit have been hard to come by and a recent survey conducted by PricewaterhouseCoopers (PwC) revealed that 20% of UK credit customers are worried about the future availability of credit.
The survey was carried out by PwC as part of ‘Precious Plastic’, its annual commentary on ...
Consumers struggling to repay debts as credit dries up
by Kay Murchie
October 3, 2008
The Bank of England’s quarterly credit conditions report, published today, has added to the doom and gloom surrounding the British economy, after it revealed that Britain's banks and building societies are set to make even more cutbacks in their lending.
The report, which surveys lenders about the previous quarter and their predictions for the next quarter, confirmed that lending by ...
BoE report reveals lending to reduce even further
by Kay Murchie
September 16, 2008
Yesterday saw the collapse of Wall Street giant, Lehman Brothers, which was forced to file for bankruptcy after announcing it had failed to find a solution to its problems after a weekend of rescue talks with Barclays and Bank of America.
In a bid to allay fears in the UK markets, the Bank of England injected an extra £20 billion into the short-term ...
Fears over insurance giant AIG
by Kay Murchie
August 22, 2008
Research from accountants Grant Thornton has revealed that the total amount owed by consumers through mortgages, loans and credit cards increased by 7.3% during the six months to 30 June to stand at £1.444 trillion.
However, during the same six-month period, Gross Domestic Product (GDP) only rose by 5.1% in nominal terms to £1.41 trillion, meaning personal debt exceeds the income generated ...
UK debt exceeds £1 trillion
by Kay Murchie
August 21, 2008
Research from GE Money has established that over three million borrowers have had a mortgage or a loan rejected at least once in the last 18 months.
The tightening of lending criteria has meant that even those with a good credit history are finding it increasingly difficult to obtain a mortgage or a loan.
The research also found that one in ...
Increasing amount of people are being refused credit
by Kay Murchie
