December, 2010 news
Amount deposited into savings accounts falls
According to figures from NS&I`s Savings Survey, the amount of money people deposited in savings accounts in the third quarter of the year has fallen.... Read more »
Cold weather leads to increase in home insurance claims
Lloyds TSB Insurance has reported that the recent snow and cold weather have led to a `sevenfold increase` in home insurance claims for frozen and burst pipes.... Read more »
Ways to improve your situation and repay debt
Christmas can be an expensive time of year - during which many of us will end up taking on debt to cover our costs. ... Read more »
Home loan lending falls to lowest level in decade
According to the latest set of figures from the Council of Mortgage Lenders (CML), the value of home loans advanced has fallen to its lowest level in a decade, The Telegraph reports.... Read more »
Homeowners face extra £200 a month on mortgage payments
According to its latest economic forecast, the Confederation of British Industry (CBI) has said interest rates will have to increase next year in order to control inflation - a move that could add an extra £200 a month onto the cost of servicing secured debt for millions of homeowners, the Daily Mail reports.... Read more »
More than 5 million adults set to take on debt this Christmas
According to research by Bright Grey, around 5.5 million adults will take on debt to pay for their `festive fun` this Christmas, headlinemoney.co.uk reports.... Read more »
Countdown to credit card changes
As of January, all credit cards will have to use a `positive payment order` - also known as a `positive payment hierarchy` or `positive order of payments`. ... Read more »
Credit cards `can help with Christmas`
Credit cards can help people cope with the cost of Christmas and the impact of the VAT rise in January, according to AA Financial Services.... Read more »
One in four worried about current level of debt
Research by insolvency trade body R3 has revealed that one in four (39% of) people are worried about the current level of debt they are carrying.... Read more »
New mortgage rules "must be proportionate"
The new rules being considered for the mortgage market must be "proportionate", housing minister Grant Shapps has said.... Read more »
BoE: interest rates may hit 5%
According to an article in the Daily Mail, the Bank of England has warned home loan customers to `brace themselves` for a significant rise in interest rates to levels of around 5%. ... Read more »
Government accused of breaking banking promise
Children`s charity Barnado`s has accused the government of `reneging` on its promise to give the UK`s poorest families access to `fairer` banking, after it decided not to reform the Post Office Card Account, thisislondon.co.uk reports. ... Read more »
Debt around the world - a look at Canada
Debt is something that affects people all over the world. A recent article in the Vancouver Sun paints a picture that`ll seem familiar to many British readers.... Read more »
Insurance: tell the full story
When you`re taking out home insurance, it pays to take your time and make sure all your information is correct - and stays correct. If you don`t, the Daily mail warns, you could find your insurance is invalid when you try to make a claim. ... Read more »
7% drop in credit card borrowing
According to figures from the Finance & Leasing Association (FLA), credit card borrowing in October was 7% lower than it was a year earlier, The Press Association reports.... Read more »
60% fear `financial shortfall` next year
According to a survey by Samaritans, 60% of Britons are concerned they won`t have enough money to allow them to live comfortably over the next year, The Independent reports. ... Read more »
Interest rate rises `could hit 7 million homeowners`
More than seven million homeowners could be affected when interest rates begin to rise, the Bank of England has warned.... Read more »
A cashback credit card can help pay for next Christmas
The last weekend before Christmas is fast approaching, and millions of people across the UK will be in a rush to finish their shopping.... Read more »
OFT warns people to avoid loan sharks
According to the BBC, the Office of Fair Trading (OFT) is warning people to avoid loan sharks if they are short of cash for `presents and festivities` this Christmas.... Read more »
5% drop in mortgage lending in November
Gross mortgage lending fell from £11.6 billion in October to £11.1 billion in November, according to the Council of Mortgage Lenders - representing a 5% fall.... Read more »
Credit card spending to hit £1.9bn in Christmas week
The nation will spend almost £2 billion on their credit cards in the final week before Christmas, according to research by Sainsbury`s Finance.... Read more »
More protection for bank accounts
As of New Year`s Eve, the rules which protect people`s bank accounts are being strengthened.... Read more »
Monthly bank charges `could ensure more transparent service`
Many banks would like to scrap the existing `free` banking model in favour of a more transparent, paid-for banking service, according to former Barclays chief executive Martin Taylor.... Read more »
Seven million Christmas shoppers `will use a credit card`
Almost seven million people will use their credit card to fund the Christmas period, according to a survey by Moneysupermarket.com. ... Read more »
2011 mortgage market predictions published
The Council of Mortgage Lenders (CML) has published its predictions for 2011, trying to provide some insights into what we can expect next year in the mortgage and housing markets.... Read more »
Christmas debts `could take over a year to pay back`
Over half a million Britons think it will take longer than a year to repay the debt they incur over the Christmas period, a survey by moneysupermarket.com has found.... Read more »
Third of Christmas travellers `won`t take out insurance`
Almost a third of people going abroad this Christmas have no plans to take out travel insurance, according to research by price comparison site Gocompare.com. ... Read more »
Ex-students overcharged on their student loans
According to Which?, the consumer watchdog, ex-students have been overcharged `by millions of pounds` in repayments on their student loans over the past two years, The Telegraph reports.... Read more »
Half of adults not covered by life insurance
A full 54% of the adults in the UK don`t have any life insurance, recent research from Barclays indicates. Yet two thirds of the people surveyed actually have dependants - something which often leads people to take out life insurance.... Read more »
Credit cards could be used to `tackle New Year VAT rise`
As reported by uSwitch.com, credit cards could be used by people carrying debts to `tackle the VAT rise in January`.... Read more »
Millions using `wrong` credit card to take on debt this Christmas
According to comparison site moneysupermarket.com, millions of borrowers are using the `wrong credit card` to pay for their Christmas spending this year.... Read more »
Credit card debt `a burden` for over 25%
Over 25% of households in the country are finding it hard to stay on top of their credit card debts, according to the Bank of England (BoE).... Read more »
Over 50% of households struggling with debt
According to a survey by the Bank of England (conducted by NMG Financial Services Consulting) more than 50% of households are finding their debts - such as credit cards and loans - difficult to repay, The Independent reports.... Read more »
Mortgage lending fell in October
Mortgage lending fell by 4% in October, compared with the previous month, according to new figures from the Council of Mortgage Lenders (CML).... Read more »
Bank account charges `can be more expensive than payday loans`
Unauthorised overdraft charges on some bank accounts are higher than the equivalent cost of borrowing the same amount on a payday loan, research by MoneySavingExpert.com has found.... Read more »
Bank of England figures show rise in credit card rates
The latest quarterly bulletin from the Bank of England shows a rise in average credit card rates, despite the base rate remaining at its 0.5% all-time low.... Read more »
Bank charges `can be more expensive than payday loans`
Charges for using an unauthorised overdraft can be higher than the cost of a payday loan over the same length of time, according to MoneySavingExpert.com.... Read more »
Using a credit card to build your credit rating
In the current economic climate, many people are finding it much more difficult to obtain credit than they would have in the past. This is especially true for people who have struggled with debt previously, or who have no experience with credit at all.... Read more »
Homeowners urged to move to cheaper home loan
Home loan provider first direct has urged homeowners to remortgage to a cheaper home loan now to `take advantage of lower monthly payments before this Christmas` bills hit their pocket`.... Read more »
Over four million people `in fear of redundancy`
More than four million people (an estimated 4,258,737) fear they may be made redundant, according to R3`s most recent quarterly personal debt tracker.... Read more »
Insurance claims soar as winter weather hits UK
The winter weather has led to a surge in insurance claims over the last week, according to AXA Insurance.... Read more »
Mortgage / rent payment `biggest expense` for over-55s
For people who are over 55, the cost of housing - their monthly mortgage or rent bill - tends to be the largest expense they pay on a monthly basis.... Read more »
Credit cards: why they make sense
Why should we have a credit card? Like any form of borrowing, a credit card can come with `cons` as well as `pros`, but Confused.com has put together a list of `five reasons to have a credit card` - five things which are either very hard or impossible to do without one.... Read more »
Half of Brits `spend less than half an hour researching bank accounts`
More than half of British consumers (51%) comparing the different types of current accounts on the market spend less than an hour doing so, research by Datamonitor on behalf of Santander has found.... Read more »
Debt repayments fall as savings levels rise
According to a report by unbiased.co.uk, the amount of debt being repaid has fallen, while savings levels have increased.... Read more »
Overdraft debt - average interest rate `highest on record`
The average interest rate charged on authorised overdrafts has reached an all-time high, according to Bank of England figures.... Read more »
Flood defence cuts could mean insurance problems
A reduction in Government funding for flood defences could make it harder for millions to obtain insurance cover, a press release from the British Property Federation (BPF) has warned.... Read more »
US: number of credit card users falls
According to credit reporting agency TransUnion, the number of credit card users in the US has dropped by 8 million in the past year.... Read more »
Bank holiday spending: debit cards overtake cash
The Bank holiday in August might seem a long time ago, but it marked quite a significant milestone in the way we spend our money.... Read more »
Mergers will cause Welsh student debt `to vary`
This article has been removed.... Read more »
Mortgage lending criteria `loosened in November`
Lending criteria amongst mortgage lenders loosened in November, leading to the first month-on-month increase in mortgage approvals since April, according to the latest e.surv mortgage monitor.... Read more »
10% `may use Christmas money to repay credit card debt`
10% of Britons plan on using their Christmas money to repay debts such as credit card balances this year, research by first direct has indicated.... Read more »
Total credit card debt `at lowest level since 2003`
Total outstanding balances on credit cards fell to the lowest level since 2003 in the third quarter of 2010, according to the Payments Council, as cardholders focused on paying down debt.... Read more »
Credit card spending `remained steady in third quarter`
Credit card usage remained fairly flat in the three months to October 2010, compared with the same time a year earlier, while debit card spending exceeded cash spending for the first time ever, the Payments Council says.... Read more »
Trading Standards: avoid loan sharks `at all costs`
Trading Standards have warned residents of Barton, in Oxfordshire, to avoid loan sharks `at all costs`, the BBC reports.... Read more »
More home loans available for people with small deposits
According to Moneyfacts.co.uk, the number of home loans available to people with only a small deposit has doubled over the past year - but interest rates on these loans are still high, The Telegraph reports.... Read more »
60% `not prepared to get into debt this Christmas`
60% of people questioned in a survey by The Co-operative Bank say they are not willing to run up any debt in order to cover the cost of Christmas this year.... Read more »
Homeowners should check insurance as winter arrives
As the UK endures sub-zero temperatures and heavy snow, homeowners are being warned to make sure they have a good insurance policy to fall back on.... Read more »
New credit cards `could offer discounts on spending`
Retailers in the US may be willing to offer discounts on new credit cards that carry smaller transaction fees, according to the Seattle Business Journal (as reported on CreditNet.com).... Read more »
Mortgage market issues are pushing rents up
The issues in today`s mortgage market are pushing up rents, according to the RICS (Royal Institution of Chartered Surveyors).... Read more »
One in three fear they`ll never repay their debt
According to research by MyVoucherCodes.co.uk, nine out of ten people have taken on unsecured debt, but one in three believe they`ll never be able to repay it, The Telegraph reports. ... Read more »
New credit cards `could offer discounts on spending`
Retailers in the US may be willing to offer discounts on new credit cards that carry smaller transaction fees, according to the Seattle Business Journal (as reported on CreditNet.com). ... Read more »
Bank `should raise base rate gradually`
The Bank of England should raise the base rate gradually, so it doesn`t have to resort to a `damaging sharp increase later on`. ... Read more »