Although stores have been forced to start their sales early this year to persuade shoppers to part with their money, nearly a third of people in the UK will go into debt over Christmas. Fifty-eight percent of this group will put more spending than usual on credit cards and thirty-nine per cent will go overdrawn [...]
Consumers are increasingly taking the time to search out the best deals on personal loans and credit cards. Financial advice site Moneyfacts said since the onset of the credit crunch, Brits who need to borrow money are shopping around for the lowest interest rates. Darren Cook, Moneyfacts spokesperson, said: “The Bank base rate being maintained [...]
Interest rates on personal loans are finally starting to fall. The average interest rate on the top ten loan deals has fallen to 8.35%, the lowest level since the Bank of England reduced the base rate to 0.5% last March. When the Bank of England first lowered the base rate, mortgage and current account providers [...]
Demand for second hand cars is in decline as consumers increasingly opt to buy new models under the car scrappage scheme. Research by Sainsbury’s Finance found 8% of adults plan to buy, or have bought, a used car between September 2009 and February 2010. This is compared to the 10% of consumers who planned a [...]
Consumers are using their spare cash to pay off debts rather than stashing it away in a savings account, Moneyfacts has observed. Michelle Slade, spokesperson for the consumer advice site, said many people are using money they’re saving due to low interest rates on mortgages to pay off personal loans and credit cards. Slade believes [...]
Britain’s level of debt increased again the second quarter of this year, with almost double the level of borrowing compared to the first quarter of 2009. Consumers borrowed £5.5 billion between April and June, nearly twice as much as the £2.9 billion borrowed between January and March, said financial advice site unbiased.co.uk. Savings levels grew [...]
Consumers taking out a personal loan are “paying through the nose” due to soaring interest rates. Banks are now charging an average APR of 10.32% on personal loans even though the Bank of England’s base rate has been held at a record low of 0.5%. This compares to an average personal loan APR of 8.71% [...]
Britain’s mountain of debt continues to grow, with the average adult now owing 132% of their typical earnings. Collectively, UK consumers owe £1.459 trillion, Credit Action revealed this week, equivalent to £30,480 per person. Personal debt on credit cards, store cards, overdrafts, and unsecured loans is also on the rise, increasing to £4,860 per person [...]
M&S Money is offering 10% cashback to new customers taking out a personal loan. Borrowers will be given a 10% refund on the interest they’ve paid once their final repayment has been made. The offer is available until 11 August, and applies to loans paid back over a period of at least 36 months. Customers [...]
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 [...]
Supermarket bank Sainsbury’s Finance is offering loyal customers a lower rate of interest on personal loans. Holders of the Sainsbury’s Nectar loyalty card are now being offered a typical APR of 7.9% for loans between £5,000 and £15,000, if they apply online. This is compared to a rate of 8.1% for non-Nectar card holders. However, [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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