Millions still catching up with debt from last Christmas
December 24, 2007
With Christmas fast approaching many consumers are getting geared up to spend, spend, spend, with their credit cards at the ready. Using a credit card to pay for Christmas purchases has become a popular solution for many shoppers, enabling them to enjoy flexibility, convenience, and ease.
However, for many others it can simply add to their already spiralling debt levels. Recent reports suggest that millions of us are still paying off our credit cards from last Christmas, and any further spending on cards this year could lead to mounting debt that is going to prove difficult to repay. Read more
House share property owners could struggle in future
December 24, 2007
According to a recent report only 44% of consumers that have graduated in the last ten years have managed to get their foot onto the property ladder in the current housing climate, and out of these a whopping 72% have only managed to do this by pooling their funds with a partner, friend, or family member in order to get onto the property ladder.
Rocketing house prices and high interest rates have made it extremely difficult for first time buyers to go it alone, which is why so many have had to look at sharing a mortgage with another party. Read more
Fewer personal loans available from unsecured lenders
December 24, 2007
According to a recent report there are now fewer personal loans available from unsecured lenders in the UK. The information comes from financial experts Moneyfacts, which has described the situation as a ‘worrying trend’.
According to figures there was a 10% fall in the number of unsecured personal loan providers throughout the month of November. Increased cash flow problems and financial turmoil in the money markets has really taken its toll on many lenders. Read more
Consumer confidence takes a hit due to credit conditions
December 24, 2007
A recent report has shown how consumer confidence in the UK has taken a hit over recent weeks due to the difficult credit conditions and turmoil in the financial markets. The effects of the credit crunch that has wreaked havoc in the UK since August has taken its toll on consumers, and confidence has plummeted in the run up to Christmas, which may have partly prompted the Bank of England to lower interest rates earlier this month from 5.75% to 5.5%. Read more
Complaints over mortgage costs rocket
December 24, 2007
According to a recent report the level of complaints relating to mortgage costs in the UK have rocketed over the past year, and experts state that this is a clear indication that mortgage providers need to take action when it comes to fees and services. The surge in complaints over the past year relates to a range of costs and fees, including exit fees, administration charges, and arrangement fees charged by some mortgage companies for setting up the mortgage. Read more
Think twice before purchasing additional insurance on purchases
December 19, 2007
In the run up to Christmas retailers in the UK are once again pulling out all the stops in order to try and increase revenue from the millions of Christmas shoppers that are hitting the high streets.
One of the ways in which retailers are doing this is through trying to sell expensive insurance policies to shoppers that are purchasing gifts, and the high cost of these policies can really bump up the cost of any purchases that you make. Retailers are even trying to sell these pricey policies on inexpensive gifts that cost around £5. Read more
Is your savings interest rate being spent on advertising for banks?
December 19, 2007
According to a recent report the interest rates of many consumers’ savings acounts could be affected by the high costs incurred by banks for advertising and marketing in order to entice customers.
Officials from the ICICI Bank, which is an Indian bank that is planning to break further into the UK market over the coming months, claim that savers could be losing between 1.5% and 1.8% on their interest rates simply because of the cost of advertising and marketing. Read more
Londoners too optimistic about house prices
December 19, 2007
According to a recent report the average amount of time that properties are remaining unsold for in London has rocketed to 87 days, which is the highest in five years, and experts state that this is because Londoners are too optimistic about house prices, and are asking for far more than the property is actually valued at in light of the falling house prices.
Estate agents have described the situation as a logjam, where sellers are creating a huge gap between asking prices and actual property values by refusing to accept offers that they deem as too low. Read more
House share property owners could struggle in future
December 18, 2007
According to a recent report only 44% of consumers that have graduated in the last ten years have managed to get their foot onto the property ladder in the current housing climate, and out of these a whopping 72% have only managed to do this by pooling their funds with a partner, friend, or family member in order to get onto the property ladder.
Rocketing house prices and high interest rates have made it extremely difficult for first time buyers to go it alone, which is why so many have had to look at sharing a mortgage with another party. Read more
What to look for in a financial website
December 18, 2007
Over recent years an increasing number of consumers have started to rely on the Internet in order to get sound financial advice as well as for access to financial service and products.
With so many people using the Internet to look for financial services relating to everything from loans and credit cards to mortgages, car finance, and more, it is vital that the websites relating to financial products and services are of a high quality. However, there is worrying news about the quality of financial websites that are in operation these days. Read more