Jul 30, 2010 Comments Off
Jun 7, 2010 Comments Off
Apr 12, 2010 Comments Off
Mar 9, 2010 Comments Off
According to moneysupermarket.com, 10 percent of British adults are ‘permanently in their overdraft’ whilst 12 percent go into their overdraft a minimum of five times per year. Furthermore, the comparison website’s research has shown that 38 percent of bank customers have utilised their overdraft facility during the last year. These figures reportedly ‘demonstrate an improvement’ compared to 12 months ago when they stood at 17 percent, 15 percent and 52 percent respectively.
Head of banking at moneysupermarket.com, Kevin Mountford, commented: “Whilst it is encouraging to see less and less people reliant on their overdrafts, we should be concerned that there are still such a large number of people permanently overdrawn. With rising inflation, it is going to be difficult for many to break the habit of living in the red, and it may be that more people will fall back into this position as living costs increase.”
“The charges attached to overdrafts have been at the forefront of the news agenda over the last couple of years, with the courts eventually deciding the banks can penalise those who go overdrawn in whatever way they choose, without interruption from the Office of Fair Trading (OFT). The dangers of being overly, or entirely, reliant on your overdraft are clear; firstly this can be an extremely expensive debt to carry if it hasn’t been agreed with your bank in advance, and secondly your bank can reduce the size of your overdraft with little warning.
“Consumers should always consider the ways in which they use their current account, and make sure they have the right product to match. For example if you dip into your overdraft on a regular basis, your main concern should be minimising the costs of going overdrawn; but if you’re never overdrawn you might want to look for other benefits, such as charges for use abroad or in credit interest rates.”
…………………………………………………………………………………………………………………………………………………………
Homeowners who would like to re-organise their finances – particularly any existing credit – could consider taking out a secured loan for consolidation. One of many finance options available, a secured loan could be used to tie up borrowings such as credit cards, store cards and personal loans into one manageable monthly repayment. In taking this approach borrowers could be left with a single monthly repayment that is lower than the sum of 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.
Related posts:
Mar 5, 2010 Comments Off
Dec 30, 2009 Comments Off
Nov 18, 2009 Comments Off
Government Bailouts of hundreds of banks, GM, Medicare, Wars in Iraq and Afganistan. But who actually is paying for it? Aside from putting it on the big goverment charge card we have with the US Treasury, someone has to pay the tab every year. Nice infoporn from Mint.com below. Click to enlarge.
Nov 3, 2009 Comments Off
Nov 2, 2009 Comments Off
Sep 23, 2009 Comments Off
According to new research by LV= home insurance, in excess of 8 million British adults have shared their PIN with someone else during the course of the past year. This has been to allow another person to make a purchase, or to withdraw money from a cash machine. Findings reveal that 34 percent of Brits have been asked to do this and that 24 percent of the PIN holders in question have fallen victim to fraud.
It was found that websites, cash points and petrol stations are the main locations in which people use friends’ and families’ cards – most of whom are reported to be spouses or partners. However, 20 percent of children, 17 percent of parents and 15 percent of friends are also routinely asked to conduct transactions on behalf of someone else. Of those who have used another person’s card, 98 percent said that they were not caught doing so.
Despite the introduction of the chip and PIN system in 2004, for enhanced security and reduction of fraud, LV= reveals that one in ten card owners have consequently become less security conscious when it comes to their details.
LV= points out that ID fraudsters can accumulate thousands of pounds worth of purchases by cloning a card, and that banks are able to refuse any form of refund if the account holder has made others aware of their PIN. This is because the actions of card holder could be classed as lacking ‘reasonable care’.
The research showed the worst offenders to be younger people, with 36 percent of those under 35 admitting to asking another person to use one of their cards. With regard to the method by which card details are shared, 9 percent have cited these details over the phone, 7 percent have made a note of them, 6 percent have disclosed them in person, and a few have sent the details in an e-mail or text message.
Homeowners who have multiple cards and therefore multiple bills each month could consider consolidating these debts with a secured loan. One of many finance options available, a secured loan for debt consolidation could leave the borrower with just one monthly repayment as opposed to juggling several. This single monthly repayment could even be lower than existing outgoings. However, when taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
Related posts:
