Mar 18, 2010 Comments Off
Mar 18, 2010 Comments Off
According to moneysupermarket.com, whilst savings rates are low and inflation is rising, savings could be better used by reducing credit card debts. It has been highlighted that only a few savings accounts generate enough interest to offset the effects of inflation.
The price comparison site’s calculations have revealed that there is a difference of £308 between the average interest earned on savings and the average sum of interest payable on the typical credit card. It was found that a credit card holder with an outstanding balance of £1,989, who makes minimum monthly repayments of 2.5 percent, would be repaying their debt for 22 years and 10 months. This would reportedly mean an overall interest charge of £2,490. In contrast, repaying an extra £20 per month would reduce the repayment period to 5 years and 7 months, and the total sum of interest repayable to £857.
Credit card expert at moneysupermarket.com, Peter Harrison, commented: “We know that times are tight for many households and some credit cardholders may just be repaying the minimum amount every month as a way of trying to minimise their outgoings. However, our calculations send a clear message to those who may also have some savings – simply by paying off a bit more every month, as little as £10 or £20, their overall interest bill and the length of time it takes to clear the balance entirely can be dramatically reduced.
“It goes without saying that if you are paying just the minimum amount on your credit cards then you should seriously review your situation. If you cannot afford to increase the minimum payment, then you should perhaps consider speaking to one of the free debt advice charities such as CCCS or Citizens Advice as they will be able to review your circumstances.
“Saving is still important and it makes sense for households to keep some money aside for a rainy day, but where savings rates are low, canny consumers can look at alternative ways to make their money work harder for them, whether this is through earning interest or reducing it elsewhere. Lenders are becoming increasingly choosy as to who they accept for a credit card so those people who are used to switching between 0 per cent cards could find themselves stuck on a relatively high APR when the interest-free period comes to an end. In this instance, it’s important to clear that balance as quick as possible.”
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Homeowners who are juggling existing credit card repayments each month, let alone increased repayments, could consider taking out a secured loan to consolidate. One of many finance options available, a secured loan for consolidation could leave borrowers with just one monthly repayment as opposed to juggling several. Furthermore, this single monthly repayment could even be lower than the sum of current outgoings, therefore leaving borrowers with more money each month. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
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Mar 17, 2010 Comments Off
According to new research released by the Department for Business, Innovation and Skills, UK consumers each lose an average sum of £4,950 during their lifetime as a result of faulty goods that they have not returned.
It has been revealed that 48 percent of shoppers surveyed possess at least one faulty item that they wish they had taken back to be exchanged or refunded. Furthermore, 32 percent were found to own up to five faulty items. In relation to the gender divide, findings show that men are losing more money than women at £89 and £71 per year respectively.
A major reason behind a failure to return faulty items is thought to be fear, with 36 percent reportedly feeling nervous when it comes to taking an unwanted item back. It was also discovered that 40 percent feel embarrassed or intimidated.
Kevin Brennan, Consumer Minister, commented: “We want to do all we can to encourage people not to lose out financially because they don’t know their rights.
“Now is the time to brush up on your consumer rights so you can return any faulty or unwanted goods with added confidence.”
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Homeowners who are looking to re-organise their finances could consider tying up any existing debts, such as credit cards and store cards, into one manageable monthly repayment. In addition to eliminating the juggling act, the single monthly repayment could even be lower than the sum of current outgoings. One of many finance options available, a secured loan for consolidation could therefore leave borrowers with more money each month, which could potentially be set aside for future use. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
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Mar 16, 2010 Comments Off
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Mar 16, 2010 Comments Off
Mar 16, 2010 Comments Off
According to research conducted by Saga Home Insurance, 32 percent of people over the age of 50 know their neighbours well and socialise with them on a regular basis. In contrast, it was found that just four percent do not know their neighbours at all.
The research also showed that friendship and trust seemingly grow stronger with age. It was found that one quarter of 50 to 54 year olds are close to their neighbours compared to 44 percent of those over the age of 75. However, the tradition of knocking and walking straight into a neighbours’ kitchen for a ‘cup of tea and a chat’ is reportedly a thing of the past. In fact, 74 percent of those over 50 years of age say that this is far less common these days, with just seven percent leaving their doors unlocked to visitors and 33 percent always keeping their doors locked.
Saga Home Insurance also discovered that 28 percent of those over the age of 50 believe that they are experiencing an increasing number of unexpected visitors to their home. Furthermore, those over the age of 75 reportedly receive the greatest volume of unexpected visits from business people at 17 percent compared to 11 percent of 50 to 54 year olds.
Executive chairman at Saga Group, Andrew Goodsell, said: “It is encouraging to see the bonds between neighbours remain strong, but the over 50s are wise to be cautious, especially when receiving unexpected visitors. Always ask to see identification before allowing a salesperson into your home. As a homeowner it is your right to refuse entry if you suspect they might be a bogus visitor.”
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Homeowners who are not satisfied with the level of security in and around their home could consider taking out a secured loan for home improvements to rectify any areas of concern. One of many finance options available, a secured loan could be used to replace any weak windows or doors with stronger counterparts. Additional locks could also be added to doors, along with peepholes if desired. Furthermore, borrowers may choose to utilise the money to invest in burglar alarms and even closed circuit television. There are a range of options available to assist in achieving peace of mind.
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Mar 15, 2010 Comments Off
According to Scottish Widows, young adults have been affected by the economic downturn – so much so that they have become more reliant upon the support of their parents than ever before. Research has shown that 47 percent of parents with children over the age of 16 have either given or lent money to their adult children or grandchildren. Though this figure is reportedly 9 percent less than that recorded in 2009, the average sum of money involved has increased from £11,800 to £13,660. Therefore it would seem that parents who are in a position to help out financially are parting with more money.
It was found that 35 percent of young adults are turning to their parents for money to fund ‘day to day spending and living expenses’. Additionally, it was revealed that 38 percent require the money for debt repayments, whilst 34 percent need it to purchase a property. One in ten young adults are also reportedly using their parents’ or grandparents’ money to fund training courses in a bid to embark upon a new career.
The research showed that 82 percent of parents who have given money to their relatives have had to turn to their savings to do so, and 54 percent do not believe that they will be able to top their savings back up. Furthermore, it was discovered that 22 percent of parents who have handed money to their children are having to reduce their day to day spending. In addition, one in ten have had to increase their own borrowings – including mortgaging or re-mortgaging their property. In relation to spending, 31 percent are not setting as much money aside and 12 percent have completely stopped doing so.
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Parent homeowners who are juggling their finances, perhaps due to several credit card repayments each month, could consider taking out a secured loan for consolidation. One of many finance options available, a secured loan for consolidation could allow borrowers to tie up multiple monthly credit repayments into one place. By taking this approach, borrowers could eliminate the juggling act whilst potentially reducing their outgoings. However, if opting for a secured loan to consolidate existing credit, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
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Mar 14, 2010 Comments Off
Since the introduction of contactless payment technology in 2007, all Barclaycard VISA debit cards are now reportedly issued or re-issued with this technology incorporated as standard. In fact, it has been revealed that more than two million contactless-enabled Barclays VISA debit cards and four million credit cards have been issued. Furthermore, according to Barclays, the existing £10 limit for contactless credit or debt card transactions in the UK has been increased to £15.
Head of Debit Cards for Barclays, Brian Cunnington, commented: “Contactless technology is undoubtedly the future of payments and we are seeing it grow hugely in popularity. More than two years after the first customers were issued with contactless cards it is the right time for the industry limit to increase to £15, in line with demand from consumers and retailers alike. The new higher limit gives customers the flexibility of paying for even more transactions quickly, securely and conveniently via a contactless card payment and will lead to more retailers implementing the technology.”
Contactless payment technology allows customers to make purchases up to the value of £15 by holding their card over a special reader. There is no requirement to insert the card into a terminal or to enter a personal identification number. Debt or credit card transactions are then processed in the same way as standard transactions, which are also possible.
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Homeowners who are juggling multiple credit card bills each month could consider taking out a secured loan to tie these existing debts up into one management monthly repayment. One of many finance options available, a secured loan for consolidation could leave borrowers with just one monthly repayment that could potentially be lower than existing outgoings. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
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