Debt Relief & Advice
Overseas transaction charges may hit credit card users hard
Posted 2007-12-12
Travelling abroad this Christmas could cost you more than you think. Many credit card companies charge an extra 2.75% in commission for purchases made overseas – a fact most shoppers are unaware of, according the Post Office. The...
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Are you financially overweight?
Posted 2007-12-11
Research firm Abbey has released poll data revealing that 46% of women and 41% of men are ‘financially overweight’. Their spending habits are irresponsible and lazier than necessary, which can lead to excessive debt and unwanted fees if left unattended. ...
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Age discrimination by credit providers sparks controversy
Posted 2007-12-10
Older people often find it more difficult to obtain loan approval than their younger peers. The justification given by banks and lending agencies stems from concern over whether older applicants will live long enough to pay back the loans offered. ...
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Interest rate cut expected
Posted 2007-12-6
Interest rates, which have been on the rise since August 2006, are expected to be cut today by the Bank of England following the monthly meeting of the Monetary Policy Committee (MPC). Analysts predict the cost of borrowing will drop from 5.75% to 5.5%. Global Insight’s Howard Archer has commented that this month’s rate decision is “one of the tightest calls ever”. One of the primary factors behind a likely cut, according to experts, is that the rate at which banks lend to one another has recently shown significant growth. This has led to a sharp economic downturn and a repeat of the summer’s credit crunch. Reuters reports that the decision rests on a “knife edge” as the MPC is forced to balance conflicting economic pressures. ...
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New standards for debt management
Posted 2007-12-5
The British Bankers’ Association (BBA) has agreed on a new set of industry standards for people applying for Individual Voluntary Arrangements (IVAs) to help control their debt. Banks and providers have worked out agreements that standardise advertising, advice, information and documentation relating to IVAs. The standards, due to be implemented by Feb 2008, are intended to make the IVA application process more “streamlined”, the BBA says. BBA Chief Executive Angela Knight explained that the new standards would help to reassure people in debt that they are making the right choices for their financial futures. “People need to know that when an IVA is proposed, it is the most appropriate solution,” she said. During the second quarter of 2007, 26,956 people were declared insolvent in England and Wales. ...
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Shopgoers told to plan early for Christmas
Posted 2007-12-3
The Citizens Advice bureau is advising people to plan ahead for holiday shopping in order to minimise higher than usual expected debt due to high interest rates, slow wage growth and rising prices. Last year, the most common...
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Loan now or lose out
Posted 2007-11-30
By the new year, the credit crunch will be in full swing, and people seeking a personal loan or mortgage are being urged to apply before Christmas. If they wait, they risk losing out entirely. Loans are becoming more difficult...
Credit problems common this Christmas
Posted 2007-11-26
Potentially thousands of credit applications may be rejected by banks during the holiday season. According to accountants PricewaterhouseCoopers (PwC), repayments are becoming a problem for an increasing number of consumers, leading to profit slumps for many credit card providers. Also...
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Feeling the effects of the sub-prime crisis
Posted 2007-11-20
Credit limits are feeling the pinch as the global financial crisis continues to make demands on banks and lenders. The Daily Telegraph newspaper reports that borrowing limits are being cut by credit providers, even for those customers who have previously...
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Global financial crisis restrains consumer spending
Posted 2007-11-8
Customer confidence has suffered a blow as a result of the US sub-prime mortgage collapse this summer, which triggered a global financial crisis. According to research done by debt consultancy firm Thomas Charles in conjunction with polling company YouGov, Britons...