Tag: credit

Study reveals SMEs are getting credit

Study reveals SMEs are getting credit

A report has revealed that the majority of small and medium-sized enterprises (SMEs) are successful when applying for credit. According to the study, more than half (59%) of applicants were successful when applying for a loan, while 72% who applied for an overdraft were successful. The figures come from the latest SME Finance Monitor report [...]

Moody’s cuts Japan’s credit outlook

Moody’s cuts Japan’s credit outlook

Moody’s warns of further Irish downgrade

Moody’s warns of further Irish downgrade

Credit rating agency, Moody’s, today warned it may downgrade Ireland’s credit rating again, due to its ailing banking system. In addition, the agency said weak economic growth and rising borrowing costs could lead to the further cut. In July, Moody’s cut Ireland’s sovereign bond rating to Aa2 from Aa1. Other agencies, Standard & Poor’s and [...]

Survey finds credit availability has not improved

Survey finds credit availability has not improved

A survey by the EEF engineering group has discovered that British companies are still struggling to obtain credit. According to the manufacturers’ organisation, credit is more expensive today than two months ago. The claim comes despite calls from the Government and business leaders to increase lending to businesses. Commenting on its report, Lee Hopley, the [...]

Moody’s downgrades Ireland rating to Aa2

Moody’s downgrades Ireland rating to Aa2

Jarvis administrators axe 1,100 jobs

Jarvis administrators axe 1,100 jobs

Administrators at Jarvis, the railway maintenance company which entered administration last week, have announced they will shed 1,100 jobs at the ailing company. Deloitte said the job losses will affect workers at the head office in York, as well as in Doncaster, Glasgow, Leeds, Newcastle and Peterborough. Last week, Deloitte was called in to the [...]

Ongoing credit crunch forces unnecessary bankruptcies

Ongoing credit crunch forces unnecessary bankruptcies

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 to businesses falls for second consecutive month

Lending to businesses falls for second consecutive month

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 [...]

Reckless card applicants risk “fouled” credit record

Reckless card applicants risk “fouled” credit record

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 [...]

Credit crunch fails to dampen 0% credit

Credit crunch fails to dampen 0% credit

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 [...]

Lithuanian economy contracts by 12.6%

Lithuanian economy contracts by 12.6%

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 [...]

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One third of consumers pay everyday expenses on credit

One third of consumers pay everyday expenses on credit

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 [...]

Consumers struggling to repay debts as credit dries up

Consumers struggling to repay debts as credit dries up

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’, [...]

BoE report reveals lending to reduce even further

BoE report reveals lending to reduce even further

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 [...]

Fears over insurance giant AIG

Fears over insurance giant AIG

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 [...]

UK debt exceeds £1 trillion

UK debt exceeds £1 trillion

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, [...]

Increasing amount of people are being refused credit

Increasing amount of people are being refused credit

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 [...]