February 2007 Finance News Archive

• Many Brits don’t have insurance against loss of income [26.02.07]
  Most households in the UK are reliant on at least one income, with many reliant on tow or more incomes.
• Study finds that banks are quicker to charger higher interest than to pay it [26.02.07]
  Over the past six month the UK has twice seen the Bank of England hike up the interest rates, taking it from 4.5 percent to 4.75 percent, and more recently to 5 percent.
• IVA procedures to be offered by major debt counselling group [26.02.07]
  A leading UK debt counselling group is to start offering IVA services to its eligible clients from April 2007.
• UK consumers could pay high levels of interest on extended mortgages [24.02.07]
  With the steep rises in property prices in the UK coupled with several recent interest rate rises, many first time buyers with no previous property from which to cash in on equity may find it increasingly difficult to get their foot on the property ladder.
• Is peer pressure adding to consumer debt levels in the UK? [24.02.2007]
  With rising levels of consumer debt in the UK, many experts and groups have expressed concern, and many households and individuals have been left to try and deal with a range of high interest debts such as credit cards, store cards, and personal loans.
• Growing concerns over PPI sales [24.02.2007]
  Amidst growing concerns about the sale of payment protection insurance by loan and card companies, consumers in the UK are being warned not to assume that they have to take out protection with the lender through which they are borrowing.
• Immigrant community can benefit from bank accounts [21.02.2007]
  A variety of bank accounts in the UK have started to offer specialist bank accounts for immigrant workers in the UK.
• First time buyers could be hit again with another interest rate rise [21.02.2007]
  The rise in the Bank of England interest rates, as announced last week, could end up making things even harder for first time buyers, as well as leaving many mortgage payers with huge mortgage loans struggling to meet rising repayments following the expensive Christmas and New Year period.
• Don't assume that lenders' insurance is the best one for you [21.02.2007]
  Over recent months experts have been warning consumers against taking out payment protection insurance with the lender through which they are borrowing money simply through assuming that this will be the best PPI plan because sales staff say so.
• The cost of smoking and obesity [19.02.2007]
  We all know what a dramatic adverse impact smoking and obesity can have your health, but recent data has shown just what a huge impact smoking and obesity can have on financial health as well, with insurance costs for consumers that are very overweight or smoke rocketing.
• Brits not taking full advantage of interest free periods offered on credit cards [19.02.2007]
  Over recent years, with a growing number of interest free credit cards hitting the UK market, Brits have enjoyed the opportunity to benefits from the convenience and flexibility of credit card spending without having to make interest payments on their balance.
• Banks hold back on interest rates on savings [19.02.07]
  With three interest rate hikes over the past six months, consumers in the UK have been hit hard in terms of repayments on variable rate finance.
• Kick start your finances this year by switching to better value deals [08.02.2007]
  If you are a consumer that is struggling to make repayments on high interest debts – or maybe you are struggling with your utility bills – there are steps that you can take, which could see your financial situation ease and could help you to enjoy better value for money on your borrowing as well as on your utilities.
• Choose the right savings account for your needs [08.02.2007]
  Many consumers in the UK made a New Year’s resolution to get their finances in order when the New Year came around, and for many part of this meant opening a savings account in order to start building a nest egg or at least some funds for use in an emergency.
• Bank of England raises interest again [08.02.2007]
  The Bank of England has hit interest rates in the UK once again, this time taking the rate to 5.25 percent, up by yet another quarter of a percent.
• Avoid costly charges on credit card withdrawals [07.02.2007]
  With extortionate charges attached to cash withdrawals on credit cards, consumers in the UK are being urged to try and avoid making cash transactions and withdrawals on their credit cards in order to avoid these charges, using the card to make purchases directly onto the card instead.
• Many consumers getting raw deal on loans from supermarkets [06.02.2007]
  In the UK the supermarket has always been linked to value for money and special offers when it comes to groceries, toiletries, and even clothes and toys.
• Internet banking fraud has shot up by eight percent [06.02.2007]
  According to recent reports that have been released in relation to the levels of Internet fraud hitting the UK, there has been a massive eight thousand percent rise in this type of fraudulent activity over the course of just two years.
• Are extended mortgage terms worth the long term cost? [06.02.2007]
  Over recent years there have been a number of changes in relation to mortgages in the UK. One of the main changes has arisen due to the rising cost of property in the UK
• 2007 will be the year of the bank charge [06.02.2007]
  Price comparison website moneysupermarket has stated that 2007 is set to be the year of the bank charges, with experts stating that loss of revenue in other areas could see bank enforcing a range of new bank charges that could affect customers.
• UK Credit Card Rate War Looms Large [06.02.2007]
  At long last UK consumers are finally faced with some goods following the decision by Yorkshire and Clydesdale Bank to cancel the balance transfer levies on their existing Gold MasterCard Products.
• UK consumers getting more responsible with credit card borrowing [05.02.2007]
  Amidst all of the concerns and worries over rising consumers debt in the UK and frivolous spending on credit cards, recent data has actually indicated that UK consumers seem to be exercising more responsibility and caution.
• Make the most of rewards based credit cards by making full repayments [05.02.2007]
  Credit card advisors have been highlighting just how effective rewards based credit cards can be when used by those that exercise sensible repayment habits in terms of their credit card use.
• Energy wasting could be pushing cost of own bills [05.02.2007]
  A recent survey carried out into energy usage in Europe has shown that Brits are the worst offenders when it comes to wasting energy, and this could be contributing to the extortionate bills that many UK households are having to deal with.
• Virgin Money to launch new credit card [01.02.2007]
  With many consumers looking to enjoy the benefits of a 0% balance transfer credit card that offers a generous interest free repayment period, Virgin Money is set to launch a new card that will give consumers that transfer their balance the chance to enjoy thirteen months of interest free credit on balance transfers.
• Is your overdraft facility costing you a fortune? [01.02.2007]
  Many consumers in the UK have come to rely on their overdraft facility attached to their bank account, and an alarming number of individuals and households find themselves back in the red within days of their salaries being paid into their bank accounts