February, 2011 news
Bank accounts - who`s getting the best deal?
Bank accounts vary. The terms and conditions on one account can be very different to the ones on another. ... Read more »
Fall in consumer borrowing sparks credit restrictions warning
According to figures from the Finance & Leasing Association (FLA), the amount of debt taken on by consumers fell by 6% in 2010, The Independent reports.... Read more »
One in six struggling with mortgage payments
Research by Barclays has revealed that one in six homeowners are finding their mortgage payments difficult to make - despite mortgage affordability reaching its best level for a decade, The Independent reports.... Read more »
Average length of credit card promotional deals `at all-time high`
The average length of interest-free promotional deals on top credit cards is at an all-time high, research by moneysupermarket.com has found. ... Read more »
`Resurgence` in loans market will benefit consumers
Analysis by moneysupermarket.com has found that anyone planning to take out an unsecured loan `will benefit from a resurgence in the loans market` - with average interest rates across all lending amounts falling for the first time this year.... Read more »
Rising living costs eating into disposable incomes
The average household`s `discretionary` income came to £174 a week in January, according to Asda`s latest Income Tracker report - 4.7% lower than a year earlier.... Read more »
MPC member gives 10 reasons for bank rate rise
Monetary Policy Committee (MPC) member Andrew Sentance set out 10 reasons why the Bank of England should increase its bank rate in a speech in London.... Read more »
Rush for fixed-rate mortgages
With so many people believing a rate rise to be on the cards, homeowners are `rushing` to find fixed-rate mortgages before the Bank of England actually increases the base rate.... Read more »
Quarter of savers `saving for a rainy day`
Almost a quarter of savers (24%) say they are saving for nothing in particular, or for a `rainy day`, according to research by Confused.com. ... Read more »
Home loan approvals remain close to two-year low
Figures from the British Bankers` Association (BBA) have revealed that home loan approvals for house purchase stayed close to their two-year low in January - with just 28,932 loans of this type approved, the Guardian reports.... Read more »
Online banking - the importance of staying safe
The discovery of a new malware program designed to steal from online bank accounts in the U.S. has highlighted the importance of staying safe while banking online.... Read more »
Credit card debt: £2.3bn a year wasted on interest payments
A survey - carried out for moneysupermarket.com by Opinium Research - indicates that credit card users are unnecessarily wasting £2.3bn a year on interest payments by letting their debt lie unpaid on their card. ... Read more »
Households `could save almost £100 by switching home insurance`
Households could save an average of £96.43 a year by switching home insurance provider, research by comparison site Confused.com indicates. ... Read more »
Three MPC members `voted for base rate rise`
Three members of the Bank of England`s Monetary Policy Committee (MPC) voted for an increase in the base rate this month, minutes from the most recent MPC meeting show. ... Read more »
Debt consolidation - does a credit card make sense?
For someone considering a debt consolidation loan, it may make sense to look at consolidating their debts with a credit card instead. ... Read more »
ABI helps make insurance available to all
Whatever someone`s past may be, access to financial services - including insurance - matters. As Chris Bath puts it, these services are "a crucial foundation for engagement in modern society". ... Read more »
MPC member calls for Bank of England to raise interest rates
Martin Weale, member of the Monetary Policy Committee (MPC) has called for the Bank of England (BoE) to increase interest rates by a small amount now to `cut the need for bigger rises later on`, The Telegraph reports.... Read more »
Chancellor `has faith` in Bank, despite inflation
George Osborne `has faith` in Mervyn King, the Governor of the Bank of England, despite the criticism about the rising rate of inflation.... Read more »
Household budgets at `most stretched` since 2009
Figures have suggested that household budgets are at their `most stretched` for almost two years, The Telegraph reports.... Read more »
Pressure for homebuyers amid rate-rise speculation
As The Telegraph reports, homebuyers are `under increasing pressure amid fears of sooner-than-expected interest rate rises`. The news comes as official figures from the Council of Mortgage Lenders (CML) revealed there was a fall in mortgage lending in January.... Read more »
Credit card users `could save £150 million with Direct Debit`
UK consumers are collectively `wasting` around £150 million per year by not setting up a Direct Debit for their credit card repayments, research by Confused.com indicates. ... Read more »
Credit card users `wasting £150m a year on late payment charges`
Credit card users are paying a combined £150 million more than necessary because of late payments, according to research by Confused.com. ... Read more »
Fall in home loan lending
Figures from the Council of Mortgage Lenders (CML) have shown that in January, gross home loan lending fell to an estimated £9.2bn - 13% lower than the £10.6bn recorded in December. ... Read more »
Bank of England Governor talks down potential rate rises
Bank of England Governor Mervyn King has said that the Bank is "not in a hurry" to increase the base rate in the near future. ... Read more »
Council of Mortgage Lenders discusses FTBs
FTBs - first-time buyers - have a `high political profile`, says the Council of Mortgage Lenders (CML), in the latest edition of its new & views newsletter. ... Read more »
Graduates could face student loan penalties for travelling abroad
An article on thisismoney.co.uk talks about how graduates who move abroad for more than three months without letting the Student Loans Company (SLC) know could be forced to pay penalty charges.... Read more »
Decline in number of Britons contributing to savings accounts
A study by market research consultancy Mintel has shown that fewer Britons are contributing money to a savings account, `as tough economic conditions, inflation and lower interest rates` take their toll, the Guardian reports.... Read more »
Unemployment total nears 2.5 million
The number of unemployed people increased by 44,000 to almost 2.5 million in the final quarter of 2010, figures from the Office for National Statistics (ONS) have revealed. ... Read more »
New parents need to save up to £82 a month to cover tuition fees
According to analysis by children`s savings provider Family Investments, new parents would need to save up to £82 each month from the birth of their child if they want to cover the cost of the new university tuition fees cap.... Read more »
Maintenance checks could make insurance claims less likely
More than one in five motorists do not carry out regular basic maintenance checks on their car, according to Sainsbury`s Car Insurance - potentially increasing the likelihood of making a claim on their insurance.... Read more »
Bank of England Governor hints at `early` rate rises
Bank of England Governor Mervyn King has hinted that the base rate could be increased in the near future, after it was confirmed that CPI (Consumer Prices Index) inflation reached 4% last month.... Read more »
Bank of England `under pressure` about inflation
The Bank of England is `under pressure` to explain why it has underestimated the steep rise in inflation. ... Read more »
Debt advice in demand in Northern Ireland
In Northern Ireland, over 1,600 people sought face-to-face debt advice over the 12-month period ending in October 2010.... Read more »
Cashback credit cards `could earn consumers £550 a year`
Consumers who fund their monthly spending with a cashback credit card while storing their salary in a high-interest current account could earn themselves over £549 a year, research by moneysupermarket.com has found. ... Read more »
December freeze: nearly half a million turned to insurance
The freezing conditions this winter led to all kinds of problems, from pipes bursting to cars skidding and potholes forming. During the coldest December since records began, nearly half a million people turned to their insurance.... Read more »
Emergence of the `workplace ISA`
According to an article in the Independent, some of the UK`s largest employers are to start offering savings schemes to their staff to encourage Britons into the `ISA saving habit`. ... Read more »
15th February: this year`s `Debt Freedom Day`
According to research from unbiased.co.uk, the average consumer will have spent the first 45 days of this year earning just enough to cover the interest on their debts, meaning 15th February will be `Debt Freedom Day`.... Read more »
Remortgaging at lowest level since 1997
Figures from the Council of Mortgage Lenders (CML) have revealed that remortgaging fell to its lowest level since 1997 last year, as thousands of homeowners came off their current mortgage and were unable to renew it, The Telegraph reports.... Read more »
Cost of fixed-rate home loans at six-month high
Research by personal finance website Moneyfacts has revealed that fixed-rate home loans have reached their most expensive level in six months, The Telegraph reports. ... Read more »
One in ten `plan on cutting back on car insurance in 2011`
One in ten motorists intend to cut back on the cost of their car insurance cover this year, research by Allianz Insurance has found.... Read more »
40% unhappy with their current bank
According to research for Triodos Bank, two in five (40%) of the population are "dissatisfied or indifferent towards their current bank". ... Read more »
`Stable but subdued` home loan market in 2010
Figures from the Council of Mortgage Lenders (CML) have shown that home loan lending was `stable but subdued` in 2010 following "very sharp falls" during the previous two years.... Read more »
Households that use less energy `are charged more`
Households that use relatively low amounts of energy are being charged more per unit than high-consumption customers because of the way bills are structured, according to Thisismoney.co.uk. ... Read more »
Fixed mortgage rates `highest for six months`
Average interest rates on fixed-rate mortgages currently stand at their highest level for six months, according to research by financial advice website Moneyfacts.co.uk. ... Read more »
Insurance claims `more than doubled during cold weather`
December`s cold weather led to a significant increase in insurance claims on property and vehicles, with a total of £1.4bn claimed that month, figures from the Association of British Insurers (ABI) show.... Read more »
Average ISA rate `at a two-year high`
The average interest rate offered on an ISA has increased to 2.27%, the highest rate since January 2009, according to Moneyfacts.co.uk. ... Read more »
MBNA increases minimum repayments on credit cards
Around five million credit card holders are facing potentially larger bills after MBNA announced it will increase the minimum amount its customers must repay on their balance each month. ... Read more »
Unmanageable debt pushes individual insolvencies to all-time high
Official figures from The Insolvency Service have revealed that the number of people declared insolvent because of unmanageable debts during 2010 reached an all-time high of 135,089.... Read more »
U.S. - first rise in credit card debt since financial crisis
According to figures from the Federal Reserve, Americans are taking on more credit card debt than they`re repaying for the first time since the financial crisis began, The Telegraph reports.... Read more »
Importance of choosing the right bank account
An article in The Telegraph looks at the importance of choosing the right bank account for saving. The piece mentions that savers have just over six weeks to open an ISA (Individual Savings Account) this tax year.... Read more »
Unmanageable debts - what help is available?
An article in The Telegraph looks into some of the options available to people struggling with unmanageable debts - namely bankruptcy and IVAs (Individual Voluntary Arrangements).... Read more »
Customers with ISAs potentially missing out on £1,300 a year
Research by data provider Moneyfacts.co.uk has revealed that customers who pay money into an ISA are potentially missing out on up to £1,300 a year in interest by keeping their savings in "poorly paying accounts", The Telegraph reports.... Read more »
Ireland: poverty, debt and mortgage arrears
According to a survey commissioned by charity Focus Ireland, one in 12 people in Ireland fear they will lose their home as the economic crisis continues, examiner.ie reports.... Read more »
Home loan lending at all-time low
Official figures released by the Bank of England (BoE) have shown that net home loan lending fell to an all-time low last year, The Telegraph reports.... Read more »
Big drop in insolvencies in fourth quarter of 2010
In the final quarter of 2010, personal insolvencies in England and Wales fell to the lowest level since the first quarter of 2009, the latest figures from the Insolvency Service show.... Read more »
CBI: breaking up banks `would be a mistake`
John Cridland, the new head of the Confederation of British Industry (CBI), has told a commission looking into the future of the banking sector that breaking up banks "would be a mistake".... Read more »
The future of mortgages and affordable housing
Mortgage lending and the future of affordable housing are big subjects these days, appearing in the papers all the time. On March 1st, all kinds of experts will meet up to discuss these issues - at the CML mortgage lending and affordable housing conference. ... Read more »
Delaying insurance renewal `could cost extra 44p a day`
Car insurance customers paid an average of 44p more for every day they delayed renewing their policy in 2010, research by moneysupermarket.com has found. ... Read more »
Increase in home loans for lower deposits
Figures from financial information group Moneyfacts have revealed that the proportion of home loans available to people with small deposits has reached its highest level for 24 months, the Independent reports. ... Read more »
Britons fail to contribute to savings accounts
According to research by comparison site Confused.com, 20% of the population are failing to contribute any money at all to a savings account, while a further 34% are saving just £50 or less.... Read more »
Debt collectors to be brought in to reclaim unpaid tax
HM Revenue & Customs (HMRC) will employ debt collectors to reclaim the unpaid tax owed by many UK workers, the Daily Mail reports.... Read more »
Bank of England figures show decrease in consumer lending
Net lending to individuals decreased in December, according to the Bank of England, with a drop in net secured lending cancelling out a slight increase in net consumer credit. ... Read more »
Interest rates on credit card debt hit 13-year high
According to financial information group Moneyfacts.co.uk, the average interest rates charged on credit card debt have hit a 13-year high, the Guardian reports.... Read more »
Secured debt shrinking
The Bank of England has just released its latest `Lending to Individuals` figures, showing us how much debt people took on - and repaid - in December. ... Read more »
Bank account holders fall victim to scams
According to figures from the Office of Fair Trading (OFT), one in 20 people were hit by scams in the UK last year - with the majority losing money by handing over their bank account details or paying upfront fees, the BBC reports.... Read more »