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Recent news from Moneyexpert has revealed that store card rates have grown by one per cent in the last six months. The average rate currently stands at 25 per cent, however the comparison site reports that more than half of stores are charging more than 27 per cent. At the highest end of the scale, some are charging over 30 per cent.

According to Moneyexpert, few store cards are able to provide a rate below the current credit card average. Store card offers include being entered into a prize draw, collection previews and also discounts. Some high street stores are offering extended interest free periods in return for customers spending more.

Commenting, Sean Gardner, Director of MoneyExpert.com, said: “Store cards can be a useful way of qualifying for instant discounts but when it comes to borrowing they are a complete rip-off.

“The fear must be that with other forms of credit running dry, desperate consumers will be tempted into expensive deals as a last resort for Christmas.

“As soon as the interest free periods expire, store card users will face huge APRs. Many will plan to pay it off but our research this time last year showed that one in 10 were still clearing Christmas debts incurred 12 months previously. If any of those debts were on store cards the interest alone could have been huge.”

Homeowners who have outstanding balances on several store cards, could also consider consolidating these with a secured loan. Consolidating debts into one place with a secured loan could result in a lower monthly repayment and reducing monthly outgoings. There are of course, many options to consolidate debt but a secured loan is one available to homeowners. Consolidating debt may increase the amount paid back overall, and could extend the repayment period of the debts.

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There are always ways to save money that can also save you time, are easy to do and only need a small amount of planning or research. Anyone can do it and here is our super quick guide to the best 4 tried and tested ways which could save yourself some money in less time than your lunch break.

Can you find it cheaper elsewhere?

With a little elbow grease and a little patience, 9 times out of 10 you can often find it cheaper elsewhere. Even if you do make a purchase, many high street retailers will often price match for 7 or so days after you’ve bought.

Shopping comparison and discount sites are great and will help you to find the best prices and latest deals. Make the effort to go the extra mile by looking round other shops in the area selling the item you’re looking for. Not only is this free exercise but you could save yourself a packet. There’s no harm in a little haggling on the shop floor either. As long as you’re polite, the worst the sales manager can say is ‘no’. Alternatively, if you’d rather investigate from the comfort of your own home, try calling local shops on their late night opening hours using any free landline evening minutes.

Why this works:  Comparison sites specialise in finding you the best deals and cheapest items. Doing some research could help you find frequently purchased items cheaper elsewhere, and over a period of time, the pennies make the pounds!

Wait 30 minutes before you buy

Try waiting 30 minutes before you buy something you think you like, or love. If you either forget about it, or reassess whether you really need it, it most likely means you can do without. It’s a simple tactic used to help prevent extravagant, emotionally influenced purchases.

Always try and make a list of intended purchases before you go on any shopping trips. It means you won’t forget what you’ve gone out for in the first place and help keep you on track.

Why this works: The urge to get that new ipod or pair of shoes will most likely subside when you focus your mind on other things. Making and sticking to a list also focuses the mind. If it’s not on the list, it’s an impulse buy.

Pay in cash

Paying in cash rather than on plastic for day to day items means that you’ll have a better grasp of exactly how much you’ve spent and prevents any nasty surprises when your statement arrives. Work out a rough week’s budget and withdrawing your cash from the cash point at the start of the week is another option which can help you tighten your belt. Once the money for the week is gone, it’s gone.

Why this works: Paying in cash makes you physically aware of how much you’re spending on specific items. An expensive cream on a credit or debit card seems much more expensive when you hand over the cash payment and see your hard earned wages leave your hand.

Grocery shop online

It may sound frivolous, and to some lazy (!), but grocery shopping online is a great way to cut your food shopping bills. There are no treats to tempt you at checkout, none of the shopping when hungry pitfalls or impulse buys dropping into the trolley. Not only that but most online shopping facilities can save your trolley, helping you save even more time each time you buy – all you need to do is look back at your previous purchases and buy again.

Why this works: You only buy what you need and you’ll save both petrol and precious time.

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In the midst of the credit crunch, many Brits would appear to be planning a more frugal Christmas this year. According to new research conducted by CreditExpert.co.uk, over 18 million (39 percent) UK adults are planning to recycle previously received gifts, such as unwanted CDs and toiletries. This marks an increase of 16 percent on last year’s figures.

The current state of the economy would appear to have a lot to answer for, with 53 percent of UK adults revealing that they are subsequently struggling more financially. As a result, 40 percent are not intending to spend as much on this year’s Christmas gifts. The average spend in 2007 was £384 but this figure is set to drop by 22 percent this year to £301. In terms of funding, 12 percent are expecting to pay for the 2008 festivities by attempting to obtain a pay increase or by putting in extra hours at work.

For many, the looming Christmas period is a cause for concern. In fact, 45 per cent admit to being apprehensive about the effect that the additional expense will have on their finances. The research also demonstrated that a considerable number of adults could find themselves sinking into debt or dipping into their savings to cover costs:

• 28 percent say they will be celebrating Christmas as usual and will consider the financial consequences in the New Year.

• 18 percent intend to utilise their credit card for Christmas spending.

• 8 percent plan to finance their Christmas purchases by means of their overdraft facility.

• 23 percent will be using their existing savings.

Jim Hodgkins, Managing Director for CreditExpert.co.uk, commented: “How much we spend this year on Christmas is a concern for many of us and recycling presents might seem like an attractive option. Just be careful you keep a close track of your gifts so you don’t end up in the sticky situation of the present landing back in the hands of the person originally giving it - or anyone they know! Whatever you do spend this Christmas, you can improve your finances by remembering the crucial thing is to borrow responsibly. To give yourself the best chance of getting a good deal with a lender, it’s important to check your credit report to make sure you have a good credit status.”

According to the research, this year the Welsh are most likely to recycle unwanted gifts (48 per cent), compared to those living in the South East (33 percent) and East of England (35 percent). People from Wales are also most likely to fund Christmas by endeavouring to achieve a pay rise or by working additional hours (20 percent), as opposed to just 7 percent of those in the South West of England.

In comparison, Londoners and those living in the South East are most likely to finance their Christmas spending with credit cards (both 20 percent), compared to 14 percent in the West Midlands and 12 percent in Wales.

When it comes to the gender divide, women are intending to be more penny-wise than men this year with 46 percent being far more likely to recycle Christmas presents than men (32 percent). Women are also more likely to afford the cost of Christmas by cutting back in other areas (27 percent), compared to men (18 percent).

Where different generations are concerned, it is most probable that 18-24 year olds will recycle presents (51 percent). 45-54 year olds are the least likely to spend more on Christmas this year than last year (7 percent), in contrast to 23 percent of 25-34 year olds, and 16 percent of 35-44 year olds.

Those thinking of using credit cards or overdraft facilities to cover the cost of Christmas, may wish to consider consolidating these debts in the new year with a debt consolidation loan. Repayments can then be spread over a term to suit the borrower. It should however be remembered that repaying borrowing over a longer term may increase overall interest charges.

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Christmas is coming and the credit crunch is biting; a combination which has left many people planning more frugal festivities this year.

In fact, according to a survey by Norwich and Peterborough Building Society (N&P), over half of respondents claimed that a ‘careful’ Christmas is in the offing. Penny-wise activities include reducing gift budgets, purchasing less food and drink, and even producing home-made gifts.

57 percent of those surveyed revealed that they were intending to spend less this Christmas and of those, 68 percent planned to buy cheaper or fewer presents. 48 percent said that they would buy less food or sacrifice meals out so as to save money, and 16 percent planned to miss out on parties in an attempt to make savings. 10 percent claimed to be planning for fewer, or no, decorations this year in an effort to cut back.

Of those respondents who believed that their spending would remain unchanged this Christmas, 58 percent said that this was possible because they had spent the year saving up for the occasion. 17 percent had done so from the summertime onwards, 19 percent commenced saving three months in advance, and 6 percent put money aside one month prior to the Christmas period.

The respondents who had not actively saved up for Christmas revealed three main methods of payment: 22 percent intended to use their credit card; 13 percent confessed that they would use their overdraft facility; and 47 percent said that they would turn to their existing savings.

In terms of spending values, 38 percent of those surveyed explained that a sum of up to £500 was probable, while 36 percent were anticipating costs in the region of £500 to £1,000. 17 percent were set to spend between £1,000 and £1,500, with 6 percent looking at an expense between £1,500 and £2,000. Finally, 3 percent expected to spend anything from £2,000 to £5,000.

N&P’s savings products manager Gary Lacey commented: “The results of the survey show us that putting money into a savings account on a regular basis seems the best way of making sure this Christmas will still be a merry one, despite the turbulence in the financial markets and the increased cost of food and utility bills.”

Those who have spent up on credit cards or store cards could consider consolidating all debt into one loan, which could make budgeting more straightforward next year. One of many finance options available, it is important to remember that consolidating debt may increase the amount paid back overall, and could extend the repayment period of debts.

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Research recently conducted by Sainsbury’s Finance has revealed that over £25 billion will be spent on second hand cars in the six months leading up to the end of February next year. 5.1 million people plan to spend an average on £5,005 each.

The collective amount being spent on second hand cars in the next six months has increased by 12% compared to that spent between March and August 2008. Commenting on the research, Steven Baillie, Sainsbury’s Loans Manager said:

“Our research suggests that in the current difficult economic climate, those looking for a car are increasingly turning to the second hand car market as opposed to purchasing a brand new model.

“Whilst it can be significantly cheaper to purchase a second hand car, people should still be prepared to look for ways to reduce their costs even further. One way to do this is by shopping around for a competitive rate if they are looking to finance their purchase through a loan, and also be prepared to haggle with the seller over the price they pay. Unfortunately, our research shows that almost half (43%) of people planning to buy a second-hand car won’t haggle or will only do so slightly.”

According to the Sainsbury’s Finance research, the largest percentage of the adult population planning to purchase a second hand car is in East Anglia, where 23% are intending to buy a second hand car in the next 6 months. Greater London and the South East follow this with 14% and 13% respectively. Additional findings from the research conducted by Sainsbury’s Finance show that 15% of the cost of second hand cars bought in the next 6 months will be covered with a loan.

If you do plan on purchasing a second hand car, make sure you ask the necessary questions and do your research first. Also, make sure you take along a friend or family member who knows their fair share about cars. Second hand cars may be a necessity for parents who have a growing family and need a bigger vehicle to get themselves and their children from A to B. Sometimes an additional car becomes a requirement if one parent has to do the school run whilst the other gets on their way to work. Even though buying a second hand car can be significantly cheaper than buying a brand new model, you should investigate your finance options thoroughly before committing to a purchase.

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THE GREAT HOUSING BUBBLE: WHY DID HOUSE PRICES FALL?
The Great Housing Bubble is a fantastic resource for anyone looking to understand why home prices fell. The writing has exceptional depth and detail, and it is presented in an engaging and easy-to-understand manner. It is destined to be the standard by which other books on the subject will be measured. It is the first book written after prices peaked, and it is the first in the genre to detail the psychological factors that are arguably more important for understanding the housing bubble. There have been a number of books written while prices were rising that used measures of price relative to historic norms and sounded the alarm of an impending market crash. Economic statistics and technical, measurable factors show what people did, but they do not explain why they did it. The Great Housing Bubble analyzes not only what happened; it explains why it happened.


The author of The Great Housing Bubble, Lawrence Roberts, works in the real estate industry, and he lives, Irvine, California, the center of both the housing bubble and the subprime universe. Irvine's residential real estate market witnessed one of the most dramatic increases in prices of any market in the United States. His unique location and his position in the industry make him uniquely qualified to discuss the housing bubble.


The Great Housing Bubble is an easy read. It was developed section by section through a series of posts on the Irvine Housing Blog. With the feedback provided by 3,000 daily proofreaders, the writing is clear, concise, and accurate. Much of the work reflects the collective wisdom of this large and diverse community. However, the book is also a fully researched and supported academic work. Statistics used in the work are cited, and conclusions are drawn from academic literature and documented in an extensive bibliography and end notes. These academic research papers are used to support the author's arguments and lift the work from a series of unsubstantiated opinions to a collective, unbiased, and widely accepted view of the housing bubble.


The Great Housing Bubble concludes with a series of recommendations for preventing future housing bubbles. There are both regulatory and market-based solutions. These include changes in standard appraisal methodology, the revamping of our current system of loan standards and documentation, and a call to regulate the sales tactics of realtors. These solutions are carefully explained, and although they would be difficult to implement politically, if these proposals were adopted, future housing bubbles would be very unlikely.