Decrease in capped balance transfer cards
March 26, 2008
Balance transfer cards have enjoyed enormous popularity over recent years, and this is because they enable consumers to save a fortune in interest by transferring their balances from high interest credit cards onto the balance transfer card, which offers a period of interest free or low interest credit on the transferred balance depending on which card you choose. With a 0% balance transfer card a fee is charged, and this transfer fee usually equates to 2-3% of the total amount being transferred. Read more
Cash injection for the banking industry
March 26, 2008
The Bank of England has announced that it will be providing a surprise cash injection to the banking industry in order to try and relieve the problems that the industry is experiencing when it comes to liquidity. Industry officials have been calling for more cash from the Bank of England for some time in order to try and increase liquidity, and the central bank has now released an additional £5 billion into the banking sector in addition to a further £6 billion that had already been pledged by the Bank of England. Read more
Many younger consumers too optimistic about financial future
March 25, 2008
A recent report claims that many younger consumers in the UK are too optimistic about their financial futures, fuelling speculation that many are not educated enough when it comes to financial matters. The report showed that many of the consumers interviewed – aged between 11 and 19 – had very high hopes when it came to their financial future, with many expecting to be in high paid jobs with a home, car, and no debt by the time they were in their mid twenties. Read more
Young, male professional in London at highest risk of identity theft
March 25, 2008
Over recent years an increasing number of people have become more and more concerned about identity theft and fraud, and this type of criminal activity has become rife – not helped by the level of data loss blunders that have been seen over the past year. However, according to a recent report those at highest risk of becoming victims of identity theft are young, male professionals living in the London area. Read more
Finding the right interest free credit cards
March 25, 2008
Interest free credit cards have become hugely popular over recent years, with many consumers saving a small fortune on interest charges by using these cards. There are two types of interest free credit cards, and this includes interest free balance transfer credit cards and interest free purchase credit cards. Read more
Kerr resigns from Egg
March 22, 2008
Following heated controversy over the withdrawal of 161,000 credit cards from customers, the boss of Internet financial giant Egg, Ian Kerr, has resigned. Officials from Egg claim that the resignation of the boss is not related to the recent controversy. Kerr recently met with Labour MP Nigel Griffiths in order to discuss why the cards were withdrawn. Griffiths had been hoping to get a solution and an apology as a result of the meeting, but after the meeting Kerr and other Egg officials announced that there had been no change of heart. Read more
Energy firms could be forced to help poorer consumers
March 21, 2008
In his first budget the Chancellor of the Exchequer, Alistair Darling, has stated that he wants energy firms in the UK to do more to help poorer consumers that struggle to pay their bills, and has said that if the energy firms do not act voluntarily he will take action to force them to help more vulnerable consumers. Darling wants to get a better deal for customers that pay their gas and electricity through pre-paid meters, and wants utility firms to triple funding for their poorest customers. Read more
ICICI succumbs to interest rate fall
March 21, 2008
The Indian bank subsidiary, ICICI, which has been enjoying a good position at the higher end of best buy savings account tables for some time now, has finally announced that it will be reducing the interest rate on its savings account in line with the interest rate cut from February, reducing the rate by 0.25% to 6.16%. The impressive rates that were being offered to savers by ICICI, which is one of a number of foreign banks that have recently broken into the UK market, saw the bank attracting around five thousand new customers a month last year. Read more
Cost of borrowing for banks could be increased on permanent basis
March 20, 2008
Banks and financial institutions have been warned that the cost of borrowing on the wholesale markets and via inter-bank lending could be permanently raised, as the global credit crunch continues to cause chaos in the money markets. Financial institutions have been warned that they will not be able to raise money as easily as they have in the past by selling off loans, and will therefore have to keep more loans on their own books, which could drive up the cost of borrowing. Read more
Increase in buy to let mortgage lending
March 20, 2008
According to a recent report the end of last year saw a rise in the level of buy to let mortgage lending, with an increase of around 25% compared to the end of the previous year. By the end of last year buy to let mortgage figures had broken through the £1 million barrier, with outstanding buy to let mortgage figures now at £1,038,000. Buy to let mortgages are continuing to thrive despite reductions in house price inflation and a bleak outlook for the housing market. Read more